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Published May 14, 2021
Published May 14, 2021
Walter Otto via Unsplash

The Hut Group (THG) has agreed with The Riverside Company and Norgate Holdings to purchase Bentley Labs for $255 million.

WHO: Founded in 2002 by Brian Fitzpatrick, Bentley Laboratories is a leading provider of outsourced manufacturing and formulation resources for the beauty and pharmaceutical industries. Bentley boasts a strong laboratory and research department, which develops formulations for customers and has demonstrated fast and profitable growth, supported by long-standing relationships with more than 70 leading prestige beauty brands.

The Hut Group (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 Eyeko, Illamasqua, ESPA, SkinStore, RY, Glossybox,, and Grow Gorgeous, Ameliorate, Acheson & Acheson, Christophe Robin, and Perricone MD.

WHY: The deal has the ability to complement the group’s present manufacturing capabilities. THG, currently a customer of Bentley, produces products for Perricone MD, which the group acquired last year for $60 million. The Bentley deal will enable THG to handle the manufacturing of Perricone in-house and expedite speed to market.

IN THEIR OWN WORDS: “We are proud of the work we have done with Bentley during our partnership, enabling the company to expand its focus and capabilities both organically and through add-on acquisitions,” says Riverside Principal Jay Reynolds. “Since 2017, the company has launched more than 700 new products, including 325 clean beauty formulas developed in 2020 alone.”

“Our partnership with Riverside has been exceptional, and the resources they provided helped us accelerate our growth,” says Bentley President Greg Torchiana. “Riverside has been instrumental in positioning Bentley for success as we enter our next chapter with THG.”

Matthew Moulding, Executive Chairman and CEO of THG, said, “The acquisition of Bentley materially increases our capability in beauty manufacturing and product development, and strengthens our position as the leading digital beauty business globally.”

Mr Moulding added, “The US is an important growth market for THG. This investment within our THG Labs division supports the group’s vertical integration strategy, while further deepening our close and important relationships with brand owners across the global beauty industry. Bentley provides THG with US-based, pre-eminent in-house skincare and haircare new product development capabilities and manufacturing, which will be leveraged across THG’s expanding own beauty brand portfolio, as well as THG’s partner brands across Ingenuity and Beauty to embed THG even more deeply as a strategic partner to clients.”


  • The Riverside Company and Norgate Holdings have signed a definitive agreement to sell Bentley Laboratories to THG in a $255 million deal.
  • Bentley is expected to contribute sales of $35MM and adjusted EBITDA of $7MM for the remainder of FY 2021 and is anticipated to contribute gross sales of $77 million and adjusted EBITDA of $15 million in 2022.
  • The deal represents 17X 2022 EBITDA.
  • In March 2016 The Riverside Company invested a minority stake in Bentley Laboratories.
  • Guggenheim Securities is acting as exclusive financial advisor to Bentley on the sale.
  • In January 2021 The Hut Group acquired Claremont Ingredients Limited and David Berryman Limited.

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