PAI Partners takes majority stake in Beautynova
Context
PAI Partners entered into a definitive agreement to acquire a 51% controlling stake in Beautynova from Bluegem Capital Partners to accelerate the group's global scaling. This strategic move follows a period of rapid transformation under Bluegem’s ownership since 2020, during which the company tripled its sales and expanded significantly into the US market. Post-transaction, Bluegem retains a 47% minority interest alongside a syndicate of co-investors and the company’s management team, ensuring continuity in leadership and strategy. The partnership is designed to leverage PAI's international infrastructure to further penetrate the resilient high-end beauty sector and set new industry standards in innovative product development.
Beautynova, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Retail & Consumer sector (11.9x in 2024).
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Target
Beautynova functions as a leading global platform in the professional haircare industry, managing a premium portfolio of brands such as milk_shake®, z.one concept™, Medavita, and Urban Tribe. The group operates as a specialized developer and manufacturer with an extensive library of over 18,000 proprietary formulas covering hair treatment, coloring, and styling. Its business model is highly internationalized, exporting to more than 70 countries and generating 70% of its revenue outside its domestic Italian market, with a particularly strong footprint in the United States and Europe. The organization maintains state-of-the-art production facilities and serves both professional salon channels and high-end consumer retail markets through a digitally integrated supply chain.
Ent. Value
€300–700M
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with PAI Partners
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2026 | PAI PARTNERS | ARLETTIE | FRANCE | Specialized Retail |
| 05/2026 | PAI PARTNERS | MECAER AVIATION GROUP | ITALY | Engines & Systems |
| 10/2025 | PAI PARTNERS / ADIA | FRONERI | UNITED KINGDOM | Food Products |
| 10/2025 | PAI PARTNERS | CYRUS | FRANCE | Wealth & Asset Management |
| 08/2025 | PAI PARTNERS | INNOVAD GROUP | BELGIUM | Animal Health |
| 01/2025 | PAI PARTNERS / ADIA | ALVEST | FRANCE | Aerospace, Naval & Defense |
| 07/2023 | PAI PARTNERS | INFRA GROUP | BELGIUM | IT Services |
| 06/2023 | PAI PARTNERS | ECF GROUP | FRANCE | Hospitality Supplies |
| 05/2023 | PAI PARTNERS | LOOPING GROUP | FRANCE | Leisure Facilities |
| 04/2023 | PAI PARTNERS | EUROPEAN PIZZA GROUP (EPG) | GERMANY | Food Products |
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REFERENCES
Valuation range: EV €300–700M
Revenue range: €100–200M
EBITDA range: €10–30M
EV/Revenue range: 2x - 6x
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Beautynova by PAI Partners are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Acquirer: pai partners
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