Beauty retailer Douglas to acquire Bodybell from HIG Bayside

European retailer Douglas has entered into an agreement with investment firm HIG Bayside Capital to acquire Beauty Bell Chain (Bodybell).

Founded in the 1970s, Bodybell distributes perfumery, beauty, personal, and homecare products in Spain. HIG Bayside purchased the brand in 2009, followed by a complex financial restructuring in 2015, which included store portfolio adjustments, a new management team, and a new brand image.

HIG Bayside Capital's managing director Giuseppe Mirante said: “Bayside first acquired Bodybell debt in 2009 and subsequently injected new capital into the business as part of a debt for equity conversion, backing the operational restructuring of the company amid increasing competition in its market.

"This exit proves Bayside’s ability to create value in complex special situations across Europe by leveraging off our local presence and by working in partnership with key stakeholders.”

Financial details of the transaction have not been divulged and the deal is subject to a number of conditions such as merger control approval.

Douglas operates 1,700 stores in 18 European countries and provides multi-channel offering through outlets, online shops, and mobile applications. With annual sales of approximately €2.7bn in the financial year 2015/2016, the retailer offers more than 30,000 products and employs 18,000 people.

HIG Bayside Capital is the distressed debt and special situations division of private equity and alternative asset investment firm HIG Capital with more than €20bn of equity capital under management.