Multiply Group, a subsidiary of Abu Dhabi-based diversified investment firm International Holding Company (IHC), has acquired a 51% stake in the Bin Suhail Group to form a beauty industry joint venture.
As part of the deal, the two companies will merge their beauty brands into a new entity called Omorfia Group. Multiply Group subsidiary MG Wellness Holding will own a majority stake in Omorfia.
IHC and the Bin Suhail Group did not disclose the value of the transaction.
Multiply Group owns beauty brands such as Bedashing while the Bin Suhail Group owns the beauty and spa brand Tips & Toes. Bedashing has 21 branches while Tips & Toes operates in 35 locations.
Apart from these two brands, Omorfia will house Jazz Lounge Spa and Ben Suhail Distribution, IHC said in a statement. The brands will retain their individual identities.
“This strategic partnership provides major growth opportunities for both businesses,” said Omorfia CEO Faris Suhail Al Yabhouni.
IHC was founded in 1998 as part of an initiative to diversify non-oil business sectors in the UAE. The conglomerate has interests across sectors like healthcare, real estate retail, manufacturing, utilities, IT, communications, food and beverage, and leisure.
IHC, both directly and through Multiply Group, has been actively striking deals in the UAE and overseas.
Last month, Multiply Group invested an additional AED55 million ($14.5 million) in US rideshare advertising startup Firefly. The investment by Multiply Group was part of a plan to set up a joint venture with Firefly. The JV will bring digital ads to rideshare vehicles and taxis across the Middle East and North Africa (MENA) region, IHC had said.
This investment had followed the acquisition of a minority stake by Multiply Group, earlier known as Multiply Marketing Consultancy, in Firefly in May this year. Multiply had not disclosed any financial details of the deal then.