Australia's Quadrant buys control of online beauty retailer
Quadrant Private Equity has completed the fourth investment in six months from its newly established growth fund, with the purchase of a majority interest in Australian online beauty retailer Adore Beauty.
The GP is partnering with Kate Morris and James Height, who founded the business in 1999. The company claims to be the country’s leading online beauty platform with an annualized revenue run-rate of more than A$100 million ($68.6 million). It recently launched in New Zealand.
Adore stocks over 220 brands across the skincare, haircare, makeup, fragrance, and wellness categories. The website receives more than two million visitors every month. There is also a podcast series, which ranks number one in Apple’s Australia fashion and beauty chart after four episodes.
“We are excited to be partnering with Kate and James and the Adore Beauty team. The beauty industry is showing strong growth driven by social media and we believe Adore is an innovator that is well-positioned for future success,” Justin Ryan, a managing partner at Quadrant, said in a statement.
The PE firm closed its debut growth fund at A$400 million in April, exceeding the A$300 million target. With its latest flagship vehicle coming in at A$1.1 billion in 2017, Quadrant increasingly operates towards the upper end of the middle-market spectrum. The growth fund allows the GP to leverage its brand with smaller companies and maintain touchpoints with intermediaries.
The first investment was a A$60 million commitment to used car trading platform operator AreYouSelling and industrial and commercial online auction house Graysonline. It was followed by investments in Love To Dream, a baby care brand focused on swaddles and sleepwear, and ModiBodi, an underwear brand.
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