The Hut Group has bolstered its core beauty business with the acquisition of Acheson & Acheson, a contract manufacturer and product developer.
The Hut Group (THG), which owns ecommerce sites such as Lookfantastic and Glossybox, said the deal “represents long-term strategic benefits as it reinforces its ambition of becoming the fully integrated, global digital leader in the beauty and wellbeing sectors”.
THG intends to invest £50m replicating Acheson & Acheson in Europe and the USA.
Launched in 1992 by Kenneth and Fiona Acheson, Acheson & Acheson has established itself as “a distinguished manufacturer for prestige beauty brands, supported by best-in-class R&D, manufacturing, regulatory compliance, product design and product development functions”.
It employs approximately 380 people, including 50 that devote themselves entirely to product development and innovation and manufactures in Frome, Somerset.
THG chief executive Matthew Moulding said: “In Acheson & Acheson, we have made a significant investment and one that uniquely positions THG to make a step-change in its innovation, operational excellence and manufacturing capacity.”
Kenneth Acheson said: “I am delighted with this transaction, which will no doubt take Acheson & Acheson to the next level of growth under THG’s expert guidance.”
In July, THG said it had banking facilities of more than $1bn for the first time and that cash was being earmarked for expansion in Europe and the USA.