The Hut Group has bought health and beauty etailer Lookfantastic Group in a £19.4m deal.
The deal will see shareholders receiving a mix of cash and equity for a business built up by the Crown family, along with business partners Keith Conniford and Martin Hurst, over the past 30 years.
As part of the deal, chief executive Daniel Crown will join the board of The Hut to grow the business, and assist with the group’s expansion into luxury goods.
Its online operations include Lookfantastic, Lookmantastic and Beautysleuth. It also operates a training centre for hairdressers across the UK, and operates salons in the south east.
In its accounts to March 31, Lookfantastic reported sales of £20m, EBITDA of £2.8m and pre-tax profit of £2.4m.
The deal was funded via a £18.5m institutional fundraising from existing shareholders including Balderton Capital, Artemis, William Currie Group and ex Matalan boss Angus Monro.
The Hut also owns Zavvi.com, Iwantoneofthose.com, Washbag.com and Gifted.com.