Abu Dhabi conglomerate International Holding Company (IHC) has agreed to acquire 51% of Bin Suhail Group through a subsidiary to form a beauty industry joint venture, it said on Monday.
IHC subsidiary Multiply Group, owner of beauty brands such as Bedashing, will merge with Bin Suhail Group, which owns the 35-location beauty and spa brand Tips & Toes.
The joint venture will operate under newly-established Omorfia Group, in which IHC will own a controlling 51% stake. The deal’s value was not disclosed.
“The fully integrated holding company, Omorfia Group, owns and controls 100% shares of the company’s leading consumer and B2B brands, including beauty giants Tips & Toes, Bedashing, Jazz Lounge Spa and Ben Suhail Distribution,” IHC said in a statement.
Each brand will retain its identity and continue operations as usual.
“This strategic partnership provides major growth opportunities for both businesses,” Omorfia CEO Faris Suhail Al Yabhouni said in the statement.
Source: Reuters.com