BGF successfully exits e-commerce business CurrentBody
BGF has announced a highly successful exit of North West headquartered CurrentBody, delivering a 3.1x MM.
CurrentBody – the world’s largest provider of clinically proven beauty devices for home use, has sold a £50m majority stake in the business to eComplete.
eComplete is a talent led and data-driven e-commerce investor and growth agency founded in November 2020, investing in direct-to-consumer ecommerce.
Founded by Laurence Newman and Andrew Showman in 2009, CurrentBody is the world’s only pure play online platform specialising in beauty devices, in what is the fastest growing category within beauty. The business has grown rapidly and now has 17 international websites with over 14 million users. CurrentBody secured investment from NVM (now Mercia) in 2018 and BGF in 2019.
In 2019, the business was doubling revenues each year. Since then, growth has been accelerated by a rise in consumers looking for professional treatments at home during lockdown and beyond. BGF and Mercia’s funding has been used to expand CurrentBody’s team, facilitate the move into new headquarters at Alderley Park and support the rapid growth in new and existing markets.
The online retailer now has 17 websites worldwide, a joint venture in China and a concession in House of Fraser’s landmark store in London. This year it is on track for sales of £42.5 million and is forecast to reach £100 million within the next two years as more consumers adopt sophisticated beauty regimes.
“We have benefitted from previous rounds of growth capital, including BGF’s investment, which have helped introduce our own products and further develop brand partnerships. I’m looking forward to driving the business forward with our new partners and focussing on accelerating international growth.”
CEO of CurrentBody, Laurence Newman
Spencer Woods, investor at BGF, added: “CurrentBody is a brilliant business that has gone from strength-to-strength in the last two years, capitalising on the hugely popular market for at-home beauty devices, all delivered through the innovation and ambition of its management team. We’re proud to have supported the business on their rapid growth, as well as delivering such a successful exit for BGF. We look forward to seeing what the business goes on to achieve in its next chapter of growth.”
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