The flurry of beauty and wellness deals so early in 2024 continues.
Just days after Puig snapped up Dr. Barbara Sturm, investment firm Compass Diversified revealed it has acquired a majority stake in plant-derived feminine care brand The Honey Pot Company for an enterprise value of $380 million.
Founded in 2012, Atlanta-based The Honey Pot Co. offers products across the feminine hygiene, menstrual, consumer health and sexual wellness categories that can be found in more than 33,000 stores across the U.S. including Target, Walmart, CVS and Walgreens. Annual sales are understood to be around $120 million.
As part of the deal, The Honey Pot Co. will continue to be headed by its current leadership team, and existing owners and management will retain a significant minority stake in the company. Previous investors in the brand included New Voices Fund and VMG Partners.
Beatrice Dixon, The Honey Pot Co.’s cofounder who will continue to lead the company in her current role as chief executive officer and chief innovation officer, said: “We believe that this partnership will not only enable us to sustain our commitment to innovation and education but will also empower us to continue cultivating a movement rooted in community and self care.”
Plans for the brand include global expansion, beginning with Canada, and entering new categories. Later this year it will launch body care with body washes and body lotions.
“The other thing that we’re really focused on is destigmatizing personal wellness because every human should have access to that. [The deal] is going to give us more and more opportunities to be able to gain more relationships with more customers,” Dixon added in an interview with WWD.
Elias Sabo, CEO of Compass Diversified, said: “Beatrice and her team have done an amazing job building The Honey Pot Co. into a leading feminine care brand. We believe they have tremendous growth opportunities on the horizon. We are so excited to provide The Honey Pot Co. with the resources necessary to bring it closer to its goal of serving more people by being the number one ‘better-for-you’ personal care brand in the world.”
The deal is expected to close in February.
Source: WWD