BALLYCLARE-based luxury self-tan and skincare firm Vita Liberata has secured a significant cash injection from the Growth Loan Fund to help it expand into North America, invest in new research and create around 50 jobs over the next five years.
The family-owned firm, which celebrated its 10th birthday last year, already sells its award-winning tanning products at hundreds of luxury stores in the US after doing a deal with the world's number one health and beauty retailer Sephora. But now its founder and chief executive Alyson Hogg wants to cash in on a rapidly growing demand in the luxury spa sector as well, with key clients including the Ritz Carlton, Four Seasons, St Regis and Viceroy Groups. "This loan from the Growth Loan Fund, together with tremendous ongoing support from Invest NI, will enable us to service a demand for our products and develop new opportunities in the North American market by investing in new manufacturing and distribution facilities. "We will also establish a local team on the ground in the States to deliver sales and training in how to get the best out of our products."
Vita Liberata has developed the world's first long-lasting, non-toxic and organic, range of self-tan products, which are available in the UK at Boots, Debenhams and House of Fraser, as well as in more than 1,000 beauty salons and spa hotels. The firm also exports to 22 countries.
Two years ago the company took equity investment from Broadlake Capital, a family investment group in Dublin which manages a fund of n 100 million (£85m).
And since then it has significantly grown its international export business.
More than 95 per cent of its turnover now comes from sales outside Northern Ireland and Vita Liberata says it is committed to further expanding its presence in emerging markets like north America.
The funding is also supporting the firm's ongoing R&D in the coming months. "As a leading global consumer brand, we're committed to investing in a continued programme of research, enabling us to regularly make innovative additions to our range of premium products," Ms Hogg said.
Paul Millar, chief investment officer at WhiteRock Capital
Partners, which manages applications to the Growth Loan Fund, said: "Vita Liberata is an excellent example of how a Northern Ireland company can compete with confidence on a global stage and even out-innovate many of its larger global competitors."