Member Article

Lawyer turned entrepreneur sells aromatherapy business

A former corporate lawyer has sold his aromatherapy products business, Aromatherapy Associates Limited to B&B Investment Partners LLP for an undisclosed sum.

B&B Investment Partners LLP is the manager of a newly formed specialised investment fund established in partnership with Alliance Boots, and which focuses on small and medium sized consumer brand businesses within the health, wellness, beauty and personal care sectors.

Ian Richardson’s Aromatherapy Associates is a premium supplier of natural cosmetics, skin care products and spa treatments found in leading hotels, resorts and day spas internationally, as well as highly respected retailers including Liberty, Fortnum and Mason and Selfridges.

The acquisition is one of the first major deals to be completed by B&B Investment Partners LLP.

Richardson acquired Aromatherapy Associates in December 2009 via his investment company Optivi Limited.

Optivi Limited specialises in investing within the health, skin care and general well-being sectors and notwithstanding this transaction retains a portfolio of related businesses.

However, Optivi Limited is not Richardson’s only experience of corporate success.

After leaving Eversheds in 2002, where he had led the creation of its northern offices’ venture capital team before being instrumental in establishing the firm’s offices in Hong Kong, Singapore and Malaysia, Richardson formed Covenant Healthcare Group Limited with Dr Madgy Ishak.

Together, with support from the Bank of Scotland and Phoenix Equity Partners, they embarked on a series of acquisitions before selling the group in 2005 for £170m.

Hull born Richardson, is also the chairman of Leeds and London solicitors, the Needle Partnership LLP.

Ian Richardson commented: “This is a fantastic opportunity for Aromatherapy Associates Limited and a good deal for the shareholders.

“The hard work over the last few years, during which time we have improved the sales team and elevated brand awareness, places the organisation in a wonderful position for B&B Investment Partners LLP to utilise its experience and contacts to develop the business into a major retail brand.”

This was posted in Bdaily's Members' News section by Clare Burnett .