Olswang has advised the shareholders of beauty e-commerce specialist, feelunique.com, on its sale of a majority interest to pan-European growth investor, Palamon Capital Partners. The transaction was agreed at a head-line enterprise value for feelunique.com of £26 million.
Founded in 2005 and with more than 125 staff at its Channel Island headquarters and logistics centre, feelunique.com is a leading on-line retailer of premium products in haircare, skincare, cosmetics and fragrances, selling full-permissioned stock from almost all of the major brands including Dior, Lancôme, Clarins, Guerlain, Yves Saint Laurent, Benefit and Kerastase.
Palamon have purchased a majority shareholding from the founders and earlier-stage investors and will provide further capital to support feelunique.com's growth plan. Sirius Equity invested alongside Palamon with its co-founders Robert Bensoussan and Jim Sharp joining the board of the company as Chairman and Non-Executive Director respectively. Mr Bensoussan is also Chairman of L K Bennett, a board member of Interparfums and former investor in and CEO of Jimmy Choo.
With long-standing experience advising on internet and e-commerce transactions, this project marks the end of a busy 2012 for Olswang's corporate team in the sector. Other significant internet and e-commerce deals closed in 2012 have included advising the mobile app-based taxi network, Hailo, on its US$17 million Series B funding round; advising Reed Business Information on the sale of online recruitment business Totaljobs Group to Axel Springer for £110 million; advising personal finance expert, Martin Lewis, on the sale of leading finance website MoneySavingExpert.com to Moneysupermarket.com Group PLC for up to £87mIllion and advising dnata World Travel, the Dubai Government owned travel business and sister company to Emirates on the acquisition of online travel business, Travel Republic.
Rob Willis, Corporate Partner at Olswang, commented: "With a broad footprint advising on internet and e-commerce transactions, we were delighted to have the opportunity to advise on this exciting acquisition within the fast moving e-commerce sector. We look forward to seeing feelunique move to the next level with its new partners, Palamon and Sirius Equity."
Feelunique's Chief Operating Officer, Richard Schiessl, commented: "We have ambitious plans for Feelunique so it was vital to find the right partners for the evolution of our business and agree on the same vision for the future. Thanks to their outstanding M&A and private equity expertise in this market, the Corporate team at Olswang were able to successfully guide us through this transaction, making sure we made the most of the huge opportunity ahead of us."
Rob Willis and Corporate Senior Associate Nick Crosbie led the team on the acquisition with Corporate Partner and Head of Private Equity, Stephen Rosen, leading the team on the equity arrangements. Olswang's team was supported by Theo Godfrey and Helen Tran (Corporate), Matthew Wentworth-May (Tax), Iain Stansfield and Claire Morrissey (Commercial, IP and IT), Gina Young (Employment) and Andrew Campbell (Pensions).
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Olswang LLP is an international law firm and a European leader in technology, media, telecommunications and real estate. The firm comprises of over 700 people including more than 100 partners, across eight international offices. Olswang is part of a 'best friends' network of leading independent law firms throughout the world.
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