A consortium led by British tycoon Mike Jatania has finalised a deal to buy The Body Shop out of insolvency, a statement released by the company on Wednesday said.
The consortium includes Aurea Holding, an investment fund run by Mike Jatania with ex-UBS banker Paul Raphael, as well as former chief CEO of fragrance brand Molton Brown.
Mike Jatania has been into the cosmetics business for a while, and had sold Lornamead to rival Li & Fung for nearly $200 million in 2013.
The Body Shop was established in 1976 by animal rights activist Anita Roddick in Brighton, UK, and soon its popularity rose for selling cosmetics that were not tested on animals.
The Body Shop was admitted to insolvency in February, months after private equity firm Aurelius agreed to buy the chain for £207 million ($266 million). The Body Shop’s international business in Europe and parts of Asia were sold to a family office before initiating insolvency.
This is being updated
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