PAI Partners to Acquire ELEMIS With $300M in Annual Sales

PAI Partners has agreed to acquire ELEMIS, whose fiscal 2026 net sales exceeded $300 million—about $25 million a month on a simple average—from L’OCCITANE Group. PAI Partners and L’OCCITANE Group expect the deal to close in the first quarter of 2027, subject to regulatory approvals and customary closing conditions.

What are the deal terms?

ELEMIS nearly doubled net sales during L’OCCITANE’s seven years of ownership, according to the transaction announcement from PAI Partners and L’OCCITANE Group. The announcement disclosed no purchase price, valuation, financing package or profitability metrics, leaving the central economics unstated.

The agreement gives ELEMIS a new private-equity sponsor. ELEMIS CEO and co-founder Noella Gabriel will participate in the next phase under PAI’s ownership, according to the announcement.

Morgan Stanley served as lead financial adviser to L’OCCITANE Group, with CFI France acting as joint financial adviser. Skadden provided transaction counsel, and EY-Parthenon advised on financial and carve-out due diligence. Perella Weinberg Partners and Raymond James served as PAI’s financial advisers; A&O Shearman provided legal counsel, and PwC advised on due diligence.

The timetable is concrete, but the price and financial assumptions remain undisclosed.

What has ELEMIS built?

Founded in 1989, ELEMIS develops premium skincare products combining formulations inspired by nature with biotechnology and professional spa expertise. Its portfolio includes cleansers, serums, moisturizers and specialized treatments, according to the transaction announcement.

The Pro-Collagen line is central to the brand. According to Circana data cited in the announcement, Pro-Collagen Cleansing Balm ranked as the leading facial cleanser in the United Kingdom’s prestige skincare category during the 12 months ended September 2026. The announcement gave no sales value or ranking methodology.

Under L’OCCITANE, ELEMIS expanded international distribution, retail relationships, digital sales channels and product development. The United States now accounts for about 50% of net sales after several years of double-digit annual growth in that market, the announcement said.

Nearly half of ELEMIS’s sales come through its direct-to-consumer platform and digital retail partners. Premium beauty retailers, spas and travel retail form the remaining distribution channels, according to the announcement.

The global skincare market is estimated at approximately $170 billion, according to the announcement. Management sees opportunities to expand ELEMIS’s distribution and develop products that combine luxury positioning with clinically supported performance.

ELEMIS has scale and distribution depth, but limited disclosure prevents a test of its margins and cash generation.

What is PAI’s growth plan?

PAI plans to work with ELEMIS’s existing leadership team to strengthen the brand in the United Kingdom, accelerate U.S. expansion and pursue selected international markets. Digital commerce and premium retail will be important, while PAI intends to keep investing in product development and preserve the brand’s spa-related heritage.

PAI Partners partners Gaëlle d’Engremont and Colm O’Sullivan said:

“ELEMIS is a distinctive British skincare brand with exceptional products, a strong commitment to innovation and a loyal global following.

Its premium positioning, clinically proven product performance and strong digital engagement set it apart in an attractive and resilient skincare market.

We see significant opportunities to accelerate growth in the US and expand the brand’s digital business, while preserving its distinctive British identity.

Drawing on PAI’s international experience and consumer-sector expertise, we look forward to partnering with the ELEMIS team to support its next phase of growth and development.”

The plan pairs wider distribution with British brand identity, but the announcement offers no forecast for U.S. growth, online conversion or new-product returns.

Why is L’OCCITANE selling?

According to the transaction announcement, L’OCCITANE Group operates more than 5,000 retail locations across more than 100 countries. It owns L’Occitane en Provence, MELVITA, ERBORIAN, Sol de Janeiro and Vranjes Firenze. The announcement described the divestiture as a portfolio decision following significant expansion at ELEMIS.

Reinold Geiger, chairman and CEO of L’OCCITANE Group, said:

“ELEMIS has played a special role in the history of our Group. As our first major acquisition, it marked an important step in our evolution as a true multi-brand group.

I am grateful for everything they have contributed and proud of the growth created together.

The exceptional quality of ELEMIS’ products and the loyalty they inspire have built a strong business with significant potential.

This transaction reflects a disciplined portfolio decision, focused on creating long-term value for the Group.

I am confident ELEMIS will continue to thrive under PAI’s ownership and wish the team every success.”

Geiger framed the sale as portfolio discipline, but without proceeds or buyer economics, the announcement cannot show whether divestiture beats continued ownership.

How will the leadership transition?

Noella Gabriel, ELEMIS’s CEO and co-founder, said:

“Over the past seven years, with the support of L’OCCITANE Group, we have strengthened and grown the ELEMIS business, built a compelling product proposition, and created a truly differentiated customer and retail experience.

We look forward to building on this progress, bringing our exceptional skincare products to even more people while staying true to our brand, heritage and values.

We are grateful to L’OCCITANE Group for their support and excited to take ELEMIS into its next phase of growth in partnership with PAI.”

Gabriel’s promise depends on retaining product credibility and distribution momentum after ownership changes.

PAI Partners manages approximately €25 billion in assets. Since 1994, the firm has completed more than 100 investments across 13 countries and realized more than €33 billion in proceeds from approximately 70 exits, according to the announcement. That record establishes capacity, but it does not substitute for an ELEMIS forecast.

The acquisition positions ELEMIS for continued expansion under a private-equity owner focused on premium consumer brands and international growth. Closing in the first quarter of 2027 is the next concrete test; until then, the missing purchase price and limited financial disclosure leave PAI’s bet unquantified.