L’Oréal Groupe said the acquisition will strengthen its Luxe portfolio and dubbed Medik8 a “premium science-backed skin care brand with a proven track record of success.”
It added that the brand had “strong potential for global growth.”
The European mid-market private equity firm Inflexion will remain a minority shareholder and the brand’s founder, scientists Elliot Isaacs, will continue to serve on the board.
Isaacs and his brother Daniel first launched the professional-use, derma brand Medik8 in 2009. It’s best known for its Crystal Retinal serum and its trademark CSA Philosophy: Vitamin C and Sunscreen by Day, Vitamin A by night.
While Medik8 has always stayed close to its professional origins, in recent years it has diversified the business with an omni-channel sales mix across key online and offline retailers in Europe. It also has a growing presence in the US market.
Medik8’s CEO Simon Coble noted that L’Oréal’s core values aligned with the brand’s commitment to science, innovation and efficacy. “I look forward to the next stage in Medik8’s journey, as we work together to bring our innovative products to a wider audience,” he said.
L’Oréal said it will start to consolidate Medik8’s sales from the date of the closing of the transaction. It will fully buy out the minority shareholders and the transaction is expected to be completed in the next few months, after regulatory approvals and other customary conditions.
