LBO France, via its Hexagone III fund, has acquired an 80 per cent stake in Payot, a French cosmetics and skincare laboratory, alongside a new management team led by Italian entrepreneur Andrea Surliuga.
Payot was created in 1920 by dermatologist Nadia Payot. The company became part of Spain-based Puig in 2001.
In 2013, Payot had over EUR25 million in revenues, 70 per cent of which came from outside of France.
Surliuga is the former CEO and owner of Dibi Cosmetics, which was sold to a large Italian cosmetics group in 2009.
Surliuga says: “This is a major milestone in Payot’s development. We are looking forward to working with LBO France on a number of key initiatives, notably in targeting and harmonising future product lines, according to the unique concept of Beauty in Motion.”
Philippe Guérin, director within Hexagone at LBO France, says: “Present in over 50 countries, Payot is truly a brand with an international vocation. Beyond strong financial backing, LBO France will support Payot’s management in leveraging the potential of their unique niche positioning on a global scale.”
Investment bank Michel Dyens & Co acted as exclusive financial advisor to the buyers. Darrois Villey Maillot Brochier Avocats acted as legal advisers to the buyers.
