Revolution Beauty to debut on AIM
By Abigail Townsend
Date: Tuesday 29 Jun 2021
(Sharecast News) - Revolution Beauty is to debut on AIM, the London Stock Exchange's junior market, it was confirmed on Tuesday.
The beauty and skincare group, which was founded by chief executive Adam Minto and executive chairman Tom Allsworth in 2014, expects to float in July.
It has appointed Zeus Capital nominated advisor, bookrunner and broker, and has already struck a cornerstone investment agreement with Jupiter Asset Management, which has agreed to subscribe to £90m of the placing.
Net proceeds of the rumoured £500m debut will be used to fund growth as well as allowing incumbent investors to realise holdings. It is understood Minto and Allsworth will retain a 30% stake, but minority shareholder TSG Consumer Partners is expected to sell its entire holding.
Minto said: "I wanted to make high-quality cosmetics and skincare affordable for everyone, and now we're on track to achieve those goals around the world.
"We have delivered exceptional growth, with a revenue compound annual growth rate of over 99% from inception to the 2019 full year. Our differentiated business model brings together both online and retail revenues, while our manufacturing and consumer feedback strategy enables us to bring new products to market quickly.
"Together with our broad geographic presence and extensive product ranges, Revolution Beauty is well-positioned to take advantage of the significant opportunities for expansion in a compelling growth market."
In the 14 months to 28 February 2021, revenues came in at £157.6m while adjusted earnings before interest, tax, depreciation and amortisation was £13.1m.
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