PAI Partners has agreed to acquire ELEMIS from L'Occitane Group, returning the British skincare brand to private equity ownership seven years after L'Occitane's purchase. The US now generates about half of ELEMIS's sales after years of double-digit growth, with nearly half of all sales occurring online. PAI plans to work with CEO and co-founder Noella Gabriel to reinforce the brand's UK position, accelerate US expansion, and grow in selected international markets. The firm intends to broaden distribution through digital and premium retail channels and invest in product innovation around the Pro-Collagen franchise. ELEMIS's Pro-Collagen Cleansing Balm is the UK's top-selling facial cleanser, according to Circana data.
GAëlle d'Engremont and Colm O'Sullivan of PAI highlighted the brand's distinctive British identity and loyal global following. They see significant opportunities to accelerate US growth and expand the digital business while preserving this identity. L'Occitane acquired ELEMIS in January 2019 for $900 million in cash from Steiner Leisure, owned by L Catterton. This deal marked L'Occitane's first major acquisition and its move toward becoming a multi-brand group. L'Occitane itself was reshaped by private capital, taking the group private in 2024 and delisting from the Hong Kong Stock Exchange. That transaction was supported by up to €1.55 billion from Goldman Sachs Alternatives and Blackstone. For PAI, managing about €25 billion, ELEMIS adds a fast-growing consumer brand during a busy week, following the agreement to sell Theramex to Cinven. Financial terms were not disclosed, and the deal is expected to close in Q1 2027, subject to regulatory approvals.
Source: PE Insights · Summarized by HeadlinesBriefing