The stake in the business was acquired from another private equity fund Bluegem, which will still maintain a significant shareholding alongside a syndicate of co-investors, to work in partnership to further expand the business.
Since Bluegem took ownership of the business in 2020, Beautynova – which includes the brands milk_shake, z.one concept and Medavita – said it has tripled its sales and expanded into new regions, notably the US market, which now accounts for 18% of total sales.
Headquartered in Italy, Beautynova owns a premium portfolio of brands and develops professional hair treatment, colouring and styling products, with over 18,000 formulas.
The manufacturer shared that it exports to more than 70 countries and generates 70% of its revenues outside Italy – mainly in the US and other European markets – through both professional and consumer channels.
Bluegem also previously owned the luxury Italian home fragrance brand Dr Vranjes Firenze, which it successfully grew and then sold to the L’OCCITANE Group in January 2024.
Plans to accelerate growth in Europe and US
Following its recent expansion, Beautynova said it now has “a strong platform to accelerate that growth across all its major markets, including the US and Europe.”
PAI, which has completed 38 buyouts in the food and consumer sector since its inception, said it plans to “draw on its significant experience in the sector to help Beautynova continue to adapt to evolving consumer trends.”
The company is now aiming to drive growth across its key markets, which include the US and Europe, with “an emphasis on enhancing brand development.”
Bluegem founding partner Emilio Di Spiezio Sardo noted that PAI Partners is a global investor with “a strong track record in consumer businesses and a global footprint including the US, a strategic market for the company.”
PAI founding partner Raffaele Vitale, called Beautynova: “an excellent business with a well-diversified offering and strong footprint in the attractive and resilient global professional haircare market” and said his team looked forward to working with Bluegem on “the next chapter of growth” continuing its approach of “partnering with strong brand platforms and building international leaders in the mid-market.”
Meanwhile Beautynova CEO, Stefano Banfo, shared that over the last four years, the company had “strengthened the senior management team and invested in state-of-the-art production facilities, world-class ERP systems and innovative product development, ensuring we have the resources and expertise to push boundaries and set new industry standards.”
