BALLYCLARE-headquartered international skincare and self-tan brand Vita Liberata has new America owners.
The company, founded in 2003 by entrepreneur and former television presenter Alyson Hogg, been sold for an undisclosed sum to Crown Laboratories Inc in Tennessee, a speciality pharmaceutical company focused in dermatology.
Ms Hogg (54), who two years ago was guest speaker at the Irish News Workplace & Employment Awards, will stay on as president of consumer brands for Crown Laboratories, which was established in 2000 and is known for its branded sunscreen products.
Dublin-headquartered private investment company Broadlake was the majority shareholder in Vita Liberata.
It bought its stake in the Co Antrim firm 2012 in a move which saw the luxury self-tanning brand enjoy sales growth of 400 per cent, triple its headcount, open an operation in the US and then win a Queen's Award for Enterprise in International Trade.
“We backed an ambitious team back then, and over the last five years have supported them during a period of phenomenal growth," Broadlake founder and chief executive Pete Smyth said.
"Over this time the company has successfully developed its product ranges, brands, channels and international reach. We view Crown as an ideal partner to support Vita Liberata on the next stage of its growth and development.”
The transaction marks a second exit in as many months for Broadlake (which typically invests €2m-€10m in established and growing businesses) following the €68m sale of Merlyn Industries to Norcros Plc in November.
Vita Liberata was the first completely non-toxic tanning brand, with a collection of odourless products free from parabens, perfume and alcohol.
The product has garnered a powerful celebrity fan base including Hollywood icons Emma Watson, Sofia Vergara and Alicia Keys, and its award-winning collection is sold in premium retailers across the US and Europe, where it is the self-tanner of choice for top spas including George V Paris, St Regis, Viceroy, Ritz-Carlton and Burj Al Arab.
Ms Hogg said: “Crown and Hildred have a genuine understanding of the suncare market and a very impressive vision for the Vita Liberata brand.
"We are thrilled to partner with them to leverage Crown’s strong positioning within the dermatology space and advance our mission of making self-tanning a viable alternative to sun exposure for all.”
Crown Laboratories' chief Jeff Bedard added: “We believe the Vita Liberata product line and its strength in premium retail is a terrific complement to Crown’s Blue Lizard sunscreen brand and builds on our consumer healthcare products strategy in the dermatology space.
“Alyson and her team have done a remarkable job disrupting the self-tanning space, and we look forward to welcoming them to the Crown family.”
Los Angeles and New York-based investment bank The Sage Group served as exclusive financial adviser to Broadlake and Vita Liberata while Tughans served as legal advisers and EY served as due diligence and tax advisers.
Broadlake's Tom Smyth said: “Tughans have been trusted advisers to Vita Liberata and Broadlake for many years helping the company as it has grown and scaled internationally. The Tughans team, led by Ciara Lagan and Grant Edwards, worked tirelessly on this transaction over the past 12 months and both played a pivotal role in this deal.”
