UK mid-market firm Duke Street Capital has arranged a £120 million (€176 million, €238 million) refinancing package for Accantia, as it looks to help the firm continue its growth.
Accantia is a purely sales and marketing operation focused on the Simple brand, a UK skincare range with over 4 million users. Simple has doubled its turnover since the formation of Accantia in 2000 and its sales are currently increasing 17 percent per year.
The firm said the refinancing package will allow Accantia to grow the Simple brand over the next two to three years through further product development and possible expansion into overseas markets.
John Harper, a partner at Duke Street, said Accantia’s growth had far exceeded the health & beauty sector as a whole. The Simple brand had strong potential for further growth, he added.
Geoff Percy, chief executive of Accantia, said the company had a very loyal customer base, while the new financing package would also allow the firm to develop further ranges appealing to a wider audience.
Duke Street backed a £225 million buyout at Accantia in November 2003, and has since transformed the company from a manufacturing business into a sales and marketing operation. This was partly achieved through the £80 million sale of Lil-lets, the feminine hygiene business, to Electra Partners, in December 2006.
Bank of Scotland is providing the refinancing package and is acting as the sole underwriter.
In March Duke Street acquired Burton’s Foods for an undisclosed sum, believed to be about £200 million.