Blackstone has bought a majority stake in professional skin-care brand ZO Skin Health through its Tactical Opportunities segment.
Terms of the deal were not disclosed, but the plan is to set ZO up for global growth. The business was started in 2007 by Zein Obagi, who previously created the Obagi skin-care line, and sells skin-care products in the spa and salon channel. Industry sources said the business is expected to do about $140 million in sales for this year.
Todd Hirsch, senior managing director at Blackstone, said ZO is one of “the fastest-growing brands in the rapidly expanding professional skin-care market.”
“The Blackstone team supports both my vision of delivering healthy skin to all people and the business potential of the company,” Obagi said in a statement. “Together, we are committed to grow our brand globally.”
Financo advised Blackstone on the deal.
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Professional brands have been generating investor interest for a while now. In late 2017, Colgate bought two professional lines, PCA Skin and Elta MD, and followed those deals with the 2019 acquisition of Filorga. Also in 2019, several family offices backed cult spa brand Biologique Recherche.
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