Houlihan Lokey Advises Bluegem Capital Partners

Houlihan Lokey is pleased to announce the sale of Beautynova, a portfolio company of Bluegem Capital Partners (Bluegem), to PAI Partners (PAI). Bluegem will maintain a significant shareholding alongside PAI and a syndicate of Bluegem co-investors. The transaction was completed on 25 June 2024. Houlihan Lokey acted as the sellside advisor to Bluegem.

Founded in 2012 as Pool Service (now Beautynova) and consolidated in 2020 after the acquisition of Panzeri Group under Bluegem’s ownership, Beautynova is a leading independent platform operating in the professional hair care business.

• The group owns a premium portfolio of brands, including milk_shake®, z.one concept™, and Medavita.

• Beautynova is also a leading developer of professional haircare products across hair treatment, colouring, and styling, with more than 18,000 formulas.

• Under Bluegem’s guidance, the group has nearly tripled in size, reaching revenue in excess of €130 million with an EBITDA margin above 20% in 2023.

• Today, Beautynova exports to more than 70 countries, generating 70% of revenues outside Italy, its home market, mainly in the U.S. and Europe, through professional and consumer channels.

Bluegem is a European specialist private equity firm investing in consumer staple businesses, with a track record of investing across Europe in distinct consumer segments: beauty and personal care; home care; baby care; pet care; food and beverage; and health and wellbeing.

PAI Partners is a preeminent private equity firm investing in market-leading companies in Europe and North America. The firm has c. €27 billion of assets under management.

Since Bluegem acquired full ownership in 2020, Beautynova has evolved into a leading professional haircare platform, more than tripling its sales and experiencing substantial geographical expansion, with a particular focus on the U.S., which today generates 18% of the company’s sales. The group now has a strong platform to accelerate that growth across all its major markets, including the U.S. and Europe. PAI and Bluegem will support Beautynova and its management team in achieving its growth strategy of further developing its brands.

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