Hut Group buys Acheson & Acheson for up to £100m

Manchester-based online beauty firm The Hut Group (THG) said on Monday it acquired beauty contract manufacturer and product developer Acheson & Acheson in a deal understood to be valued at between £50 million and £100 million.

Ameliorate, Acheson & Acheson’s skincare brand, is included in the purchase and will be added to THG’s brand portfolio.

Targeted at sufferers of Keratosis Pilaris, Ameliorate is sold globally through leading retailers including Space NK Apothecary, Selfridges, Boots, Harvey Nichols, Liberty’s and Marks & Spencer.

The Hut Group CEO Matthew Moulding said: “Acheson & Acheson is a truly exciting addition to THG and I am delighted to welcome this very talented team.

“In Acheson & Acheson, we have made a significant investment and one that uniquely positions THG to make a step-change in its innovation, operational excellence and manufacturing capacity.”

Kenneth Acheson, co-owner and managing director, said: “I am delighted with this transaction, which will no doubt take Acheson & Acheson to the next level of growth under THG’s expert guidance.

“We’re incredibly proud of everything we’ve accomplished to date and of our fantastic team.

“It’s why finding the right partner was of utmost importance to us and I have absolutely no doubt that we’ve found this in THG.”

Acheson & Acheson were advised by Baylor Klein, who sourced and brokered the deal, and Addleshaw Goddard provided legal advice.

THG were advised by Travers Smith providing legal advice, and Ernst & Young and Deloitte providing financial and taxation due diligence advice respectively.