Broadlake Capital has closed its 15th deal in the last seven years through the backing of celebrity-endorsed Vita Liberata.
Self-tan company Vita Liberata has secured funding from private equity firm Broadlake Capital.
The investment, the 15th in the last seven years for Broadlake, is its first in the health and beauty sector and is set to aid Belfast-headquartered Vita Liberata with the international expansion of its brand.
As part of the undisclosed growth capital investment, Broadlake Capital is acquiring a ‘significant’ stake in Vita Liberata. Alongside Broadlake’s commitment is a new banking facility from the Bank of Ireland which will help with the launch of a new range of products.
Vita Liberata’s products are used by TV presenter Kelly Brook, model Erin O’Conner and singer Geri Halliwell.
Alyson Hogg, founder and CEO of Vita Liberata, comments, ‘With a greater awareness of the dangers of sun damage, self tan is the fastest growing sector of the skincare market globally, and Vita Liberata believe they have the product, the brand, and now the finance to be able to capture a significant proportion of this global community.’
Despite not revealing the size of its investment, Broadlake says that €15 million (£12.5 million) of the Irish company’s product will be sold to consumers through retail channels, beauty salons and online purchases in 2012 this year, with the figure rising to €50 million in a five year time frame.
Pete Smyth, CEO of Broadlake Capital, says that the growth trajectory and potential of the business and its new product development makes it a ‘very exciting investment’.
‘The brands celebrity following vouches for the quality of the products,’ Smyth adds.
Dublin and London-based Broadlake Capital has €100 million under management and supports businesses through management buy-outs and buy-ins and growth capital with equity investments of between £2-£20 million.