The holding company of The Beauty Tech Group — which owns brands including CurrentBody, ZIIP Beauty and Tria Laser — has confirmed that it plans to list on the London Stock Exchange in an IPO that could value the firm at up to £350 million.
Project Glow Topco Limited, the ultimate holding company of The Beauty Tech Group Limited, said it is considering an initial public offering and that it intends to publish a registration document.
“The company is considering applying for admission of its ordinary shares to the equity shares (commercial companies) category of the official list of the FCA and to trading on the main market of London Stock Exchange plc …” said the holding company.
The Beauty Tech Group is based at Bruntwood SciTech’s Glasshouse business park in Nether Alderley, Cheshire.
The holding company said of The Beauty Tech Group: “In FY24, the group reported revenue of £101.1 million and earnings before interest, tax, depreciation and amortisation excluding one-off costs and acquisition related expenses (adjusted EBITDA) of £22.9 million.
“Reflective of the scalability of the group’s operating platform; the group moving towards selling exclusively own-brand products and the rapid growth of the beauty technology market, between the financial period for the 16 months ended 31 January 2023 (FY22) and FY24, the group’s own-brand revenue and adjusted EBITDA grew at a compound annual growth rate (CAGR) of 73.6% and 92.9% respectively.”
Laurence Newman, founder and CEO of The Beauty Tech Group, said: “Founded with the ambition to bring clinically-proven, professional-grade beauty technology into everyday use, I am extremely proud of The Beauty Tech Group’s achievements to date.
“Since launching our own-brand at-home beauty technology products in 2019, the group has delivered sustained and profitable growth and established itself as a global leader in the fast growing at-home beauty market.
“Our three distinct, premium brands, CurrentBody Skin, ZIIP and Tria, span across the four core technologies used in professional aesthetic clinics, giving us a unique position in the market.
“Moreover, all of our innovative technologies are underpinned by research and rigorous testing, demonstrating our commitment to producing effective and trustworthy products while simultaneously raising the standards across the industry.
“There are significant opportunities ahead for The Beauty Tech Group and an IPO on the London Stock Exchange will provide us with access to capital, and enable us to raise awareness and incentivise staff to take the business to the next level.
“Our journey to date has only been made possible due to the team’s hard work and dedication, and I would also like to take this opportunity to welcome an experienced bench of Non-Executive Directors to our Board who collectively bring a wealth of consumer and capital markets experience and knowledge.
“I am very excited to embark on this next chapter as we look to build on our position as a trusted and recognised leader in the market.”
Elaine O’Donnell, independent non-executive chair, said: “The Beauty Tech Group has established itself as a global leader in the at-home beauty market and I am thrilled to be joining the board at this exciting juncture in the group’s growth journey.
“Considering that home-use beauty technology is a fast-growing category in the beauty sector, a float on the London Stock Exchange will facilitate the group’s ambition to capitalise on the significant opportunities ahead.
“I have every confidence that a London-listing, coupled with a solid go-to market strategy, will support The Beauty Tech Group’s ambition to grow its distribution while continuing to deliver the next generation of beauty technology products through ongoing research and development.”