Zeus acted as Nominated Adviser and Sole Broker to Revolution Beauty Group on its £300m AIM IPO

Zeus is delighted to have acted as Nominated Adviser and Sole Broker to Revolution Beauty Group plc on its oversubscribed Initial Public Offering (IPO) on AIM, raising £300 million, achieving a market capitalisation of £495 million. The Placing attracted strong support from high quality institutional shareholders, including a £90 million cornerstone investment from Jupiter Asset Management. Other significant institutional investors in the IPO included AXA, Soros Fund Management and Premier Miton.

The deal is a milestone for Revolution Beauty being the 6th largest fundraise on AIM ever, the largest fundraise on AIM to date in 2021 and sees US PE investor TSG Consumer Partners achieve a majority sell down.

Company information

Revolution Beauty is a global mass beauty and personal care business which operates a multi-brand, multi-category strategy and sells its products both DTC via its e-commerce operations, and in both physical and digital retailers through wholesale relationships. Adam Minto and Tom Allsworth founded Revolution Beauty in 2014 to provide customers with high quality and innovative beauty products at an affordable price point, with a strategy to use their combined sector knowledge and deep experience to challenge the legacy operators.

Adam Minto

Co-Founder and CEO of Revolution Beauty

The IPO of Revolution Beauty marks an incredible milestone in the Company’s development and provides us with a solid platform to execute our exciting growth plans. We have built a strong long-term relationship with Zeus, whose advice and guidance over the past few years has been incredible guiding us to this point. We are delighted by the strong support from investors and we look forward to creating long term value for our new shareholders as we look forward to our future as a public company.

Colin Welch

Managing Director and Head of New York & London, TSG Consumer Partners

We are thrilled to have supported Revolution Beauty with a range of strategic initiatives to position the company for this next phase of growth as a public company. Zeus also showed incredible commitment to deliver a successful outcome for all parties. We are confident that Revolution is well-positioned for the public market with its blue-chip shareholder base, and we look forward to the company’s continued success in its next stage of development under Adam and Tom’s leadership.

Nick Cowles

Deputy Head of Corporate Finance at Zeus

We are delighted to have advised Revolution Beauty on its successful IPO. It has been a pleasure to work with Adam, Tom and the team, leading to this milestone event for the company. We have enjoyed building a long-term relationship with Revolution Beauty and look forward to working with the team as a publicly listed business.


If you would like further information, please get in touch with our team.

Nick Cowles Co-Head of Investment Banking+44 (0) 161 393 1977LinkedIn Scan with your phone camera to add to contacts Download vCard
Benjamin Robertson Head of Equity Capital Markets+44 (0) 203 829 5625LinkedIn Scan with your phone camera to add to contacts Download vCard

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