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L Catterton is acquiring a minority stake in Swedish haircare brand Maria Nila, as the LVMH-backed private equity firm continues to build its beauty portfolio with a focus on heritage and storytelling.
Maria Nila was founded in 1999 by Ann and Ulf Wikström (the brand is named after Ann’s great-grandmother), and is known for its affordably priced clean, vegan products — attracting a strong consumer following as well as supplying salons. Turnover was €45 million in 2022. L Catterton’s Europe fund will control a minority stake in the business and Marcus Wikström, the son of Ann and Ulf, will remain as CEO. The terms of the deal were not disclosed.
The investment will be used to accelerate Maria Nila’s international growth; it currently operates in 45 countries. “This partnership will allow us to accelerate the development of our product portfolio and brand and expand even further across key European and US markets,” says Marcus Wikström. “With L Catterton’s successful track record of supporting founder-led and family businesses, we are confident that we’ve found the right partner.”
The beauty industry has proved resilient amid the turbulent post-lockdown, macroeconomic environment. But, as scaling becomes more challenging, investors are looking for brands with unique products that can demonstrate true customer loyalty beyond their social media following. L Catterton has been ramping up its investment in founder-led beauty brands over the past few years, most recently acquiring stakes in makeup brand Dibs Beauty (April 2023) and Italian skincare brand Irene Forte (July).
Maria Nila’s professional arm is another advantage. Haircare sales boomed during the pandemic as customers who were stuck dealing with problems like thinning or damaged hair at home sought to buy science-backed products typically found in salons. This trend has continued: for example, Wella Company, which is known for its professional haircare brands, is targeting consumers to spur its growth. Maria Nila manufactures at its own production plant in Sweden, adding to the appeal.
“We look to partner with brands that are truly differentiated and with a clearly defined purpose,” says Luigi Feola, managing partner of L Catterton’s Europe fund. “As a family-owned brand with a deeply rooted Swedish heritage, Maria Nila has a unique story, distinctive positioning, and a proven, efficacious product range that is resonating with consumers.”
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