LONDON – With Glossybox, Espa and Illamasqua now under its growing roof, the acquisition-hungry Hut Group is gearing up for more M&A activity thanks to a new 515 million pound revolving credit facility from banks in Europe and the U.S.
The British company, which operates digital platforms for third parties and owns a slew of protein, vitamin and diet supplement brands, said the fresh cash will be used for general corporate purposes and “strategic initiatives,” including possible mergers and acquisitions in its beauty and wellbeing categories, as well as infrastructure development.
The group said it would continue to invest in its wholly-owned brands, and in particular its growing beauty portfolio that is powered by its proprietary e-commerce technology platform, which now trades on more than 140 web sites spanning 47 languages and 30 currencies.
In the August to September period, The Hut Group made a big push into beauty and wellbeing, snapping up three big European beauty brands: Germany-based beauty box provider Glossybox, Espa and most recently Illamasqua.
The latter two brands are British, with the former focused on skin care, bath and body, while the other being all about edgy color cosmetics.
“This substantial new credit facility is another important step for the group and provides us with even more firepower to pursue our ambitions for further significant international growth,” said Matthew Moulding, founder and chief executive officer of The Hut Group.
He said the banks supporting the group include HSBC, Barclays, Santander, Lloyds, RBS, Bank of Ireland and Silicon Valley Bank. The Hut Group is getting additional support from Citibank, AIMCo and J.P. Morgan.