The Return of High-Profile Beauty Deals

The Beauty Care M&A market continued to thrive with another 28 transactions in Q2’18, representing the fourth quarter in a row with over 25 transactions, the first time in beauty care M&A history.

Intrepid had reported a “fairly ho-hum start” in Q1’18 but anticipated a strong rebound in higher profile deals in Q2’18—and the M&A markets delivered. Not only was transaction volume strong with a 21.7% increase over Q2 of last year but there were numerous prominent and large transactions from both strategic and private equity acquirers.

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Q2’18 Beauty Care M&A highlights include:

  • Deal volume increased 21.7% from Q2’17 and was flat with Q1’18.
  • L’Oréal completed two transactions in the quarter, and its third of 2018, following a year of limited acquisition activity in 2017.
  • TPG made its mark on beauty care in the quarter with two large minority investments in Anastasia Beverly Hills and Rodan+Fields.
  • The Hut Group continued as one of the most active acquirers with its purchase of Eyeko.
  • Private equity groups remained active with notable deals from Tengram Capital, L Catterton and Gryphon Investors.