A former corporate lawyer has sold the upmarket aromatherapy products business, Aromatherapy Associates, to B&B Investment Partners for an undisclosed sum.
Hull-born Ian Richardson, who used to be a partner at Eversheds in Leeds, acquired Aromatherapy Associates in December 2009 via his investment company Optivi. Optivi specialises in investing within the health and skin care sectors.
B&B Investment Partners is the manager of a newly formed specialised investment fund established in partnership with Alliance Boots. It focuses on small and medium-sized consumer brand businesses.
The Yorkshire Post understands that the sale was secured for a consideration believed to be around £20m.
Aromatherapy Associates has 60 staff and a turnover of around £12m.
It is a premium supplier of natural cosmetics, skin care products and spa treatments found in hotels, resorts and day spas.