// The Hut Group to purchase US-based manufacturer of skincare and haircare products Bentley Laboratories
// The Hut Group is currently a customer of Bentley which manufactures its Perricone MD brand
The Hut Group is set to acquire US-based manufacturer of skincare and haircare products, Bentley Laboratories, in a $255 million (£180 million) deal.
The purchase is expected to complete within the next 30 days.
The Hut Group is currently a customer of Bentley which manufactures its Perricone MD brand.
READ MORE: The Hut Group receives £1.6bn funding to “invest aggressively”
The online retailer said the acquisition will enable it to bring the production of Perricone and other The Hut Group brands in-house.
It will also help the business to accelerate new product development.
Bentley currently partners with over 70 prestige beauty companies across the world.
The Hut Group said the deal will provide it with an opportunity to improve the service to these brands.
Bentley is expected to contribute sales of around $77 million and adjusted EBITDA of around $15 million in the 2022 financial year.
“The US is an important growth market for The Hut Group,” executive chairman and chief executive Matthew Moulding said.
“This investment within our THG Labs division supports the group’s vertical integration strategy, while further deepening our close and important relationships with brand owners across the global beauty industry.
“Bentley provides THG with US-based, pre-eminent in-house skincare and haircare new product development capabilities and manufacturing, which will be leveraged across THG’s expanding own beauty brand portfolio, as well as THG’s partner brands across Ingenuity and Beauty to embed THG even more deeply as a strategic partner to clients.”
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