Elemis acquired by PAI Partners

PAI Partners agreed on 4 November 2026 to acquire ELEMIS from L’Occitane Group, with completion expected during the first quarter of 2027 subject to regulatory approvals. Chief executive and co-founder Noella Gabriel continued to lead the business. The consideration was not disclosed. Founded in 1989, ELEMIS formulates and sells prestige skincare, its range covering cleansers, serums, moisturisers and treatment products, with the Pro-Collagen line at its centre and its cleansing balm the leading facial cleanser in the United Kingdom. Net sales exceeded £250–500M in the year to March 2026, approximately double the level at which the seller had acquired the business, with the United States accounting for around half of the total after several years of double-digit growth, and close to half of sales made online. Spa treatment underpins the distribution. A brand supplying professional treatment rooms reaches customers who have experienced its products applied by a therapist before purchasing them, which is a form of trial that advertising does not replicate and which anchors the clinical claims the range carries. The disposal reflected the seller’s position rather than the brand’s performance. ELEMIS had been its first major acquisition, in 2019 from Steiner Leisure, and had remained peripheral to a portfolio built around L’Occitane en Provence and subsequently Sol de Janeiro, while the group was rationalising its holdings ahead of a possible return to the public markets. The acquirer’s plan addressed the American market, the digital channels and selected premium retailers, alongside continued development of the Pro-Collagen range. Morgan Stanley advised L’Occitane Group as lead financial adviser, with CFI France as joint adviser, Skadden, Arps as transaction counsel and EY-Parthenon on vendor and carve-out due diligence, while Perella Weinberg and Raymond James advised PAI Partners, with A&O Shearman as legal counsel and PwC on financial, operational and carve-out due diligence.

The acquisition of Elemis is part of the growth strategy of PAI Partners, which already has several external growth operations under its belt, notably Arlettie in 2026.