PAI Partners has agreed to acquire British premium skincare brand Elemis from L’Occitane Group, according to a company announcement reported by Private Equity Wire. Financial terms were not disclosed, according to Private Equity Wire.
Transaction status and timeline
The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals and customary closing conditions, according to Private Equity Wire. The deal was described as PAI Partners’ latest investment in the consumer and beauty sector, according to Private Equity Wire.
Elemis performance under L’Occitane ownership
L’Occitane acquired Elemis in 2019, according to Private Equity Wire. Since that acquisition, L’Occitane has nearly doubled Elemis’ annual net sales to more than $300m in FY2026, according to Private Equity Wire.
The US now accounts for approximately half of Elemis revenues, following several years of double-digit annual growth, according to Private Equity Wire. Online sales represent almost 50% of the business, according to Private Equity Wire.
PAI ownership plans
Under PAI’s ownership, Elemis will reportedly focus on accelerating US expansion, strengthening its UK market position, and developing additional international markets, according to Private Equity Wire. The investment strategy will also prioritise digital distribution, selective premium retail expansion, and product innovation around Elemis’ established Pro-Collagen skincare range, according to Private Equity Wire.
Market backdrop cited in the announcement
The acquisition gives PAI exposure to the global premium skincare market, which was estimated at approximately $170bn, according to Private Equity Wire. The same report said this market estimate was presented alongside a statement that consumer demand for higher-value beauty and wellness products continues to grow, according to Private Equity Wire.
Widely known context: Acquisitions of consumer brands by private equity firms are typically structured as control transactions that complete after regulatory approvals and other closing conditions are satisfied. Widely known context: Premium skincare is commonly grouped within broader beauty and wellness categories in market-sizing estimates, with online channels often a material driver of distribution and growth.
