Online beauty retailer has been bought in a deal led by Palamon Capital Partners that has valued the business as £26m.

Palamon Capital, in partnership with Sirius Equity, has bought a majority shareholding from the founders Aaron Chatterley, who is chief executive, and chief operating officer Richard Schiessl.

Both Chatterley and Schiessel will remain at the helm, while initial investors The Huggler Group and MyMemory retain a shareholding. chief executive Aaron Chatterley believes Palamon and Sirius are “ideal partners” to fuel further growth.

Palamon and Sirius plan to invest £10m in the business, which was founded in 2005, to grow its brand awareness in the UK. Once this has been completed, Sirius co-founder Robert Bensoussan will take up the role of chairman.

Bensoussan has strong retail experience. He was formerly the chairman of LK Bennett, a board member of Interparfums and was an investor in, and previously chief executive of, shoe brand Jimmy Choo.

Partner at Palamon Dan Mytnik said: “The expertise Robert has in the luxury branded sector will be invaluable in taking the business to the next level.” posted EBITDA up 120% to £1.98m in the year to the end of March 2012. Turnover surged 63% to £26.7m and is targeting a 76% increase in turnover for the current financial year to £46.8m.