Four businesses from Amyris' consumer brand portfolio have been auctioned to the highest bidders. The biotech beauty manufacturer turned incubator filed for voluntary Chapter 11 bankruptcy in August. At the time of the announcement, the company said it would exit all of its consumer brands but continue operations through retail partners and e-commerce platforms during the sale process.
According to a court document, here's a rundown of the auction process so far.
Biossance Auctioned for $20 Million
THG Beauty, formerly known as The Hut Group, successfully bid $20 million for Biossance, the largest and most established Amyris brand. Launched in 2016, it was the first brand based on the company's plant-based squalane, derived sustainably from sugarcane. The brand launched in Sephora in 2017 and has been the crown jewel of the consumer portfolio.
THG was founded in 2004 by Chief Executive Matthew Moulding and CFO John Gallemore, retails more than 8,000 brands, and operates more than 160 localized websites across 35 languages and 42 currencies. THG has become one of Europe’s largest online retailers of premium beauty brands. Other holdings include Cult Beauty, Eyeko, Illamasqua, ESPA, SkinStore, RY, Glossybox, Lookfantastic.com, Grow Gorgeous, Ameliorate, Acheson & Acheson, Christophe Robin, and Perricone MD.
The backup bidder for the brands was Ayala Cove Bidco LLC.
MenoLabs Auctioned for $3 Million
Women's supplements label MenoLabs went to Indian multinational healthcare firm Dr. Reddy's Laboratories for $3 million. Amyris acquired the assets of MenoLabsin January 2022. The brand, a subscription-based and Amazon-first business focused on addressing perimenopause and menopause symptoms, was founded by Danielle Jacobs, Vanessa Ford, and John P. Konhilas, PhD, an Associate Professor with the Department of Physiology and Sarver Molecular Cardiovascular Research at the University of Arizona.
Pipette Auctioned for $1.75 Million
Pipette went to North American independent conglomerate HRB Brands, which bid $1.75 million for the baby care brand. Amyris incubated Pipette, a clean personal care brand for babies and moms with their proprietary sugarcane-derived squalane as the hero ingredient, which launched in September 2019.
HRB Brands is a portfolio company of Tengram Capital Partners, a private equity firm with an investment strategy predicated on leading middle-market consumer companies that own strong, recognizable brands, including Zest, V05, Coast, SGX NYC, Thicker Fuller Hair, LA Looks, and others.
AA Investments (HK) Limited was the Backup Bidder for the Pipette Brand Assets with a Backup Bid of $1,725,000.
4U By Tia Auctioned for $600,000
Scent Theory Products landed 4U By Tia for $600,000. The haircare line was developed in partnership with actress and entrepreneur Tia Mowry to address the needs of those with 2A through 4C hair textures with a streamlined offering of need-based products. The brand launched in January 2023 with a Walmart exclusive in 2,800 stores.
In accordance with the terms of the Bid Procedures Order, the Debtors and the Successful Bidders will finalize and, as applicable, file the definitive documentation to implement the Successful Bids prior to the Sale Hearing, which hearing will be conducted on December 12, 2023.
Brands not part of the recent Amyris round of auctions and remaining for sale include celebrity brand Stripes, the perimenopause brand from actress Naomi Watts; JVN, the haircare brand of Queer Eye's Jonathan Van Ness; and model Rosie Huntington-Whiteley's Rose Inc.
In October, it was reported that Francisco Costa bid to pay $350,000 for his brand Costa Brazil. Onda Beauty co-founder Larissa Thomson won an online auction for the Tribeca lease, company name, website, and in-store product inventory.
In February 2023, Givaudan acquired cosmetic ingredients from Amyris, including Neossance Squalane, Neossance Hemisqualane, and CleanScreen, for $200 million cash and $150 million in earnouts.
