Quadrant Growth Fund to Acquire a Majority Interest in Adore Beauty

17/09/2019 News

The Quadrant Growth Fund (“Quadrant”) has entered into an agreement to acquire a majority interest in leading online beauty retailer Adore Beauty. Quadrant is partnering in the acquisition with the founders of the business, Kate Morris and James Height.

Adore Beauty was founded in 1999 in Kate’s garage and has since grown to be the leading online beauty platform in Australia with an annualised revenue run-rate of over $100 million, in the process winning many awards including the Deloitte Tech Fast 50 for the last 5 years in a row. The business also recently successfully launched in New Zealand.

Adore Beauty stocks over 220 prestige, professional and niche brands across skincare, hair care, makeup, fragrance and wellness categories. The website provides engaging and compelling content to over 2 million visitors every month, and Adore recently launched its Beauty IQ podcast which went straight to number 1 on the Apple Podcasts chart.

Justin Ryan, Managing Partner of Quadrant said “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.”

Simon Pither, Partner of Quadrant said, “We were attracted to Adore Beauty’s strong customer-centric online brand built over 20 years and its ability to combine rich and engaging content with a scalable ecommerce platform.”

Kate Morris, Founder of Adore Beauty said “Adore Beauty has always had a goal of disrupting the traditional beauty retail experience, helping women to feel confident and empowered in their choices. We are so thrilled to work with Quadrant to achieve this goal in Australia and beyond.”

James Height, Founder of Adore Beauty said “We are excited about the next growth leg of our Adore journey. We believe we have found a partner in Quadrant which will treasure our culture and values, as well as understanding the importance of customer experience in building our brand.”

Adore Beauty will be the fourth investment from the $400 million Quadrant Growth Fund which was raised in April this year.

Quadrant was advised by Deloitte Corporate Finance, Gilbert + Tobin and LEK. Adore Beauty was advised by KPMG Corporate Finance, Kain Lawyers and Syracuse.



Writen by Global Administrator, 17/09/2019 News