Self-tan business targets US after cash injection
Irish private investment firm Broadlake Capital has taken a 47% stake in Vita Liberata - the Co Antrim-based self-tanning company beloved by a number of celebrities including Una Healy of the pop band The Saturdays and TV presenter Kelly Brook.
The multi-million pound investment will allow the fast-growing company, with headquarters in Ballyclare, to continue its expansion into Europe and the US.
Broadlake is led by Pete Smyth, the former chief executive of Noonan Services - the contract cleaning company which was sold for €90m (£75m) in 2008. Vita Liberata was founded in 2003 by Alyson Hogg, a former UTV and BBC broadcaster, who will continue to lead the firm and remain a large shareholder.
Ms Hogg said: "Broadlake will help us get the brand across in Europe and the US. The US, in particular, is such a large market, that you need the right support." Mr Smyth added: "The growth trajectory of the business combined with its new product development capabilities make this a very exciting investment."
Vita Liberata is understood to expect sales of £15m this year and hopes to hit revenues of £50m within five years.