Goodwill Brands and Branded IP acquired the skincare and body care brand Plant Apothecary from Rare Beauty Brands.
WHO: Plant Apothecary was founded in 2021 by the husband-and-wife team of Bjarke Ballisager and Holly McWhorter with the goal of creating products infused with social and environmental responsibility and healthy ingredients. In the summer of 2021, a complete skincare-focused rebrand unveiled a positive plant-forward mission that combines science's wisdom with nature's genius for results-driven, clinically proven formulas. The current lineup has 13 skincare and body care products priced at $12-$55 and is currently available at Revolve, Neiman Marcus, and Sephora UK, as well as the brand’s own e-commerce site.
Headquartered in Norwood, Massachusetts, Rare Beauty Brands is a brand platform from the leadership of Patchology built to foster emerging brands. Rare Beauty focuses on brands bootstrapped before its involvement, generating $500,000 to $10 million in annual revenues. The group acquired Dr. Dana Beauty from Nu Skin Enterprises Inc. in 2021.
Founded by beauty industry veteran Tracy Holland, Goodwill Brands is a CPG company acquisition and accelerator platform. Formed in 2020 as a WBENC/Minority supplier to healthcare companies, Goodwill Brands has expanded to become a platform to buy and leverage founder-led brands utilizing an established team of experts. They look for controlling stakes in underperforming assets generating less than $30 to $40 million in annual revenue and distributed in less than 500 retail doors.
Branded IP is a licensing and brand-holding company of emerging and established prestige brands with unique, defensible connections founded by Earl Robinson, CEO of Goodwill Brands.
WHY: Goodwill Brands plans to acquire two to three brands including Plant Apothecary. Under its new ownership, Plant Apothecary will continue to unite the wisdom of science with the genius of nature for the best in results-driven skincare. "Born in Brooklyn. Raised in LA."
IN THEIR OWN WORDS: “I was excited by Plant Apothecary’s brand architecture, history and formulations and Rare Beauty Brands has a demonstrated ability and ‘best in class’ track record scaling unique beauty brands that become global hits and ‘must-haves’ for discerning skin care consumers”, says Holland. “
"We believed in the promise of Plant Apothecary from the beginning. As stewards of the brand for the past several years, we are proud of the work we did to elevate the formulations, fragrances and overall brand aesthetic. We are thrilled Goodwill and Branded IP share this vision and we’re excited to see where they take the brand next”, says Chris Hobson, CEO of Rare Beauty Brands.
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