TIDMCHRY
RNS Number : 3998D
Chrysalis Investments Limited
29 June 2021
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, any member state of the European Economic Area,
Canada, Australia, Japan or the Republic of South Africa.
29 June 2021
Chrysalis Investments Limited ("Chrysalis" or the "Company")
Portfolio Update
The Company is pleased to announce its Investment Adviser,
Jupiter Investment Management Limited has entered into a
cornerstone investment agreement with Revolution Beauty Group plc
("Revolution Beauty") as part of its expected IPO, and that the
Company anticipates investing approximately GBP45 million as part
of this process. Further details are available in Revolution
Beauty's Intention to Float announcement that has been released
today.
Chrysalis met Revolution Beauty as part of a "pilot fishing" (a
pre-IPO exploratory meeting) exercise at the request of the
latter's CEO, Adam Minto, due to the Company's ability to invest
both privately and publicly. Having analysed the investment case
for Revolution Beauty and undertaken channel checks on the brand,
the Investment Adviser believes it has a significant runway for
growth.
Chrysalis has the ability to invest up to 20% of gross assets in
companies it has not held prior to IPO, calculated at the point of
investment. While the Company's primary goal is to secure access to
exciting companies prior to their IPOs and capture their subsequent
growth in private markets, one of its other aims is to position
itself favourably at point of IPO to secure a good allocation.
Given the work undertaken by the Investment Adviser in assessing
this potential transaction, it believes it will be a very
attractive investment for shareholders.
The main focus of Chrysalis will remain sourcing private,
late-stage investments - typically two to five years out from IPO -
but the Investment Adviser will continue to be flexible in its
approach to leveraging its proposition to maximise value generation
for shareholders.
Nick Williamson and Richard Watts (co-portfolio managers)
comment:
"Over the last seven years, Adam and Tom have built an amazing
company, able to bring exciting products that customers want to
market significantly faster than its competition. With a small
market share in a huge market and a compelling customer
proposition, we believe Revolution Beauty is well placed to grow
aggressively in the years ahead."
Adam Minto (CEO of Revolution Beauty) comments:
"Chrysalis has developed a compelling proposition for
entrepreneurs with late-stage businesses, providing long-term
capital regardless of whether they stay private or choose to go
public. We are looking forward to a successful IPO and will be
proud to welcome Chrysalis onto our shareholder list, as part of
the wider cornerstone agreement with Jupiter".
About Revolution Beauty
Revolution Beauty was founded by Adam Minto (CEO) and Tom
Allsworth (Executive Chairman) in 2014, since when it has
experienced a revenue CAGR of 99% to December 2019, with the year
to December 2020 showing minimal growth due to COVID-19.
Revolution Beauty operates a "digital first" strategy, but has
multiple channels to market for its various brands, which cover a
number of different beauty categories. The company differentiates
itself with its speed to market: it looks to identify beauty trends
quickly and bring them to the mass-market within 16 weeks, making
it significantly more agile and responsive than its global
competitors, which typically take 6 to 12 months. It identifies
trends via consumers, influencers and retailers, particularly via
social media platforms, such as Instagram and TikTok. It then
utilises its highly efficient and scalable supply chain to bring
products to market rapidly, digesting customer responses, before
fine-tuning. Revolution Beauty is committed to sustainability, by
ensuring products ranges are 100% cruelty free, mostly vegan, and
sustainable and recyclable packaging are used wherever
possible.
Revolution Beauty's core offering is in colour cosmetics, but it
expanded into skincare in 2018 and has relaunched its haircare
range in 2021. In total, this offers an addressable market of
approximately $197 billion in 2021, growing at a CAGR of 6% to 2025
(Source: Euromonitor).
Over the fourteen months to 28 February 2021, Revolution Beauty
generated revenues of GBP157.6 million and adjusted EBITDA of
GBP13.1 million.
-ENDS-
For further information, please
contact:
Media: +44 (0) 20 3770 7920
Montfort Communications chrysalis@montfort.london
Charlotte McMullen/ Toto Reissland-Burghart/
Miles McKechnie
Jupiter Asset Management:
Magnus Spence +44 (0) 20 3817 1325
Liberum:
Chris Clarke / Darren Vickers
/ Owen Matthews +44 (0) 20 3100 2000
Numis:
Nathan Brown/ Matt Goss +44 (0) 20 7260 1000
Maitland Administration (Guernsey)
Limited:
Elaine Smeja / Aimee Gontier +44 (0) 1481 749364
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be available on the Company's
website at
https://www.chrysalisinvestments.co.uk/
The information contained in this announcement regarding the
Company's investments has been provided by the relevant underlying
portfolio company and has not been independently verified by the
Company. The information contained herein is unaudited.
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offer to invest. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
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past are no guarantee of future results. Neither the content of the
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