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03/2024MajorityLBO

PAI Partners takes majority stake in Beautynova

ITALY Consumer Products / Personal & Household / Hygiene & Beauty Brands EV €300–700M

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)

Year
Rev
EBITDA
EBIT
2023
€100–200M
€10–30M
[members only]
2022
€100–200M
€10–30M
[members only]

Other operations with PAI Partners

Other operations with PAI Partners
DateAcquirerTargetCountrySector
06/2026PAI PARTNERSARLETTIEFRANCESpecialized Retail
05/2026PAI PARTNERSMECAER AVIATION GROUPITALYEngines & Systems
10/2025PAI PARTNERS / ADIAFRONERIUNITED KINGDOMFood Products
10/2025PAI PARTNERSCYRUSFRANCEWealth & Asset Management
08/2025PAI PARTNERSINNOVAD GROUPBELGIUMAnimal Health
01/2025PAI PARTNERS / ADIAALVESTFRANCEAerospace, Naval & Defense
07/2023PAI PARTNERSINFRA GROUPBELGIUMIT Services
06/2023PAI PARTNERSECF GROUPFRANCEHospitality Supplies
05/2023PAI PARTNERSLOOPING GROUPFRANCELeisure Facilities
04/2023PAI PARTNERSEUROPEAN PIZZA GROUP (EPG)GERMANYFood 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

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Beautynova, an Italian company specialised in Personal & Household, by PAI Partners in 2024, structured as a leveraged buyout (LBO).

How was the acquisition of Beautynova by PAI Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Beautynova’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Beautynova generated annual revenue estimated in the €100–200M range and EBITDA in the €10–30M bracket (FY 2023). Detailed financial figures are available to members.

How does the valuation of Beautynova compare to benchmarks in the Retail & Consumer sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Retail & Consumer sector (11.9x in 2024).

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.