Payot acquired by private equity firm

Salon skincare brand Payot has been sold by Spanish fashion and fragrance business Puig to a French private equity firm.

LBO France acquired an 80% stake in Payot via its private equity fund Hexagone III and will run the brand under a new management team led by Italian entrepreneur Andrea Surliuga as chief executive.

Surliuga is the former chief executive of Dibi Cosmetics, which he sold in 2009.

Payot was founded in France in 1927 by Nadia Payot. Puig acquired the brand in 2001. Payot is distributed in the UK and Ireland by Graham Anthony.

The company, which develops professional skincare products and treatments, posted revenues of more than €25million (£19.6m) in 2013 and is understood to be valued at around €35m (£27.5m).

LBO France director Philippe Guérin said, “Present in over 50 countries, Payot is truly a brand with an international vocation. Beyond strong financial backing, LBO France will support Payot’s management in leveraging the potential of their unique niche positioning on a global scale.”