Frome-based cosmetics manufacturer Acheson & Acheson has been taken over by fast-growing UK beauty and wellbeing firm The Hut Group in a deal reported to be worth up to £100m.
Acheson & Acheson makes prestige beauty brands under contract, providing an all-in service to retail clients that includes packaging design, product testing and distribution.
The firm was set up in 1992 by Fiona and Kenneth Acheson and employs around 380 people across its three sites in Frome and Trowbridge, including a 50-strong product development and innovation team.
The acquisition by Manchester-headquartered The Hut Group also includes Acheson & Acheson’s own skincare brand Ameliorate, which sells in high street retail chains and high-end stores such as Space NK Apothecary, Selfridges, Boots, Harvey Nichols, Liberty’s and Marks & Spencer.
The Hut Group, was set up in 2004, has become one of the UK’s fastest-growing businesses through a string of acquisitions, including skincare and spa brand ESPA and subscription service Glossybox.
Other brands in its stable include Mio Skincare, Grow Gorgeous and Lookfantastic.com. The privately-owned firm was recently reported to have turned down a number of investment and takeover offers valuing it at nearly £4bn. Instead, the group opted to add Acheson & Acheson to its growing portfolio, paying up to a reported £100m.
The group employs more than 3,000 people – a figure it expects to double by next year. Annual sales soared by 47% last year to £736m, with international revenues up 62%.
Its latest acquisition adds a global contract manufacturing arm to the group – Acheson & Acheson works with global premium skincare, professional haircare and mass market bath and body brands, often based on formulations created in its own laboratories.
As well as a 78,000 sq ft manufacturing facility on Commerce Park on the outskirts of Frome, the firm has bases on Trowbridge’s White Horse and Meridian business parks.
