Sign in
Multiply now owns 100% of beauty firm TGCH: Abu Dhabi-based holding company Multiply Group ’s beauty unit Omorfia Group has fully acquired UAE-based beauty services provider The Grooming Company Holding (TGCH) from private equity firm CedarBridge Capital Partners, according to a press release (pdf). TGCH owns and operates the Sisters and N.Bar franchises. The statement did not disclose the value of the transaction.
Omorfia has its eyes on global and regional expansion: Omorfia acquired TGCH in a bid to strengthen and expand its foothold in the GCC and Mena region and to pursue further global partnerships. The acquisition brings Omorfia’s total owned and operated beauty salons to 132 across five countries, according to the statement.
This is Omorfia’s first acquisition in 2024, coming on the heels of the takeover of the Juice Spa and Salon last November, which helped Multiply boost its revenues by 15% y-o-y to AED 1.3 bn in 2023.
More about TGCH: The conglomerate’s portfolio spans 47 salons under 15 franchises across five countries. TGCH’s flagship brands include N.Bar, a chain of 21 nail bars; 1847, a men-only grooming salon; and Sisters Beauty Lounge, a beauty salon network across eight locations. TGCH’s subsidiary Wellbe Trading is also an exclusive distributor of beauty products to TGCH and other salons throughout the GCC.
OTHER M&A NEWS-
CCL Industries closes USD 143 mn Pacman-CCL buyout: American-Canadian packaging and labeling firm CCL Industries completed its acquisition of the remaining 50% stake in Pacman-CCL, its JV with Dubai-based Albwardy Investment, according to a press release. CCL Industries now fully owns Pacman after purchasing the stake in an all-cash transaction worth USD 143 mn (AED 525 mn).
Background: CCL and Albwardy agreed on the buyout in May, expecting to finalize it this summer. The JV operates five production facilities across the UAE, Saudi Arabia, Egypt, Oman, and Pakistan, and is the Middle East’s largest label converter. Pacman-CCL recorded USD 34 mn in sales during the first four months of 2024.
