Broadlake Capital, the boutique Irish private investment firm, has taken a 47 per cent stake in Vita Liberata, the self-tan company beloved of celebrities including Una Healy of pop band The Saturdays and TV presenter Kelly Brook.
The multimillion investment will allow fast-growing Vita Liberata, which has its headquarters in the North, to continue its expansion into Europe and North America.
Broadlake is led by Pete Smyth, former CEO of Noonan Services, the contract cleaning company that was sold for €90m in 2008.
Vita Liberata was founded in 2003 by Alyson Hogg, a former UTV and BBC broadcaster, who will continue to lead the firm and remain a large shareholder. "Broadlake will help us get the brand across in Europe and the US. The US, in particular, is such a large market, you need the right support behind you," Ms Hogg said.
Vita Liberata is understood to expect sales of £15m (€18m) this year and hopes to hit revenues of £50m within five years.
"The growth trajectory and potential of the business combined with its new product development capabilities make this a very exciting investment. The brand's celebrity following vouches for the quality of the products," Mr Smyth said.
Broadlake said it was unable to disclose the scale of its investment, which came at the same time as Vita Liberata secured a new banking facility with BoI.
Sunday Indo Business