The strategic investment arm of beauty and wellness company Nu Skin Enterprises has made the move to expand its market portfolio
The acquisition will help BeautyBio, best known for its GloPro microneedling devices,“ reach its full potential”
Rhyz Inc, the strategic investment arm of beauty and wellness company Nu Skin Enterprises, has acquired device brand BeautyBio for an undisclosed sum.
The acquisition is said to enhance Nu Skin Enterprises’ position in the device systems market and demonstrate its commitment to expanding its presence within the beauty industry.
It will also enable BeautyBio, best known for its GloPro microneedling devices, to “reach its full potential”, read a statement from both companies.
BeautyBio will continue to operate as an omnichannel brand, with the aim to grow the business while scoping out “cost-efficiency” opportunities.
Jamie O’Banion, who founded the beauty device company in 2011, will remain at the helm as CEO.
Rhyz Inc is a subsidiary of Nu Skin Enterprise – a direct-selling company that distributes premium products and services through beauty brands Nu Skin, Pharmanex and Big Planet.
The business’s investment arm is a “synergistic ecosystem” of consumer, technology and manufacturing companies that are focused on innovation within the beauty, wellness and lifestyle industries.
“BeautyBio’s commitment to beauty through innovation aligns with our vision for personalised, science-based skin care products and beauty device systems,” said Ryan Napierski, President and CEO of Nu Skin Enterprises.
“BeautyBio’s unique device IP in hydration facial and microneedling technology will further strengthen Nu Skin Enterprises’ position as the world’s best-selling beauty device systems brand.
“For BeautyBio, our unique expertise in devices, manufacturing and technology will help this business reach its potential as part of the Rhyz ecosystem.”
O’Banion said the deal will “empower [BeautyBio’s] existing and future communities around the world in a deeper and more meaningful way”.
He added: “This partnership will enable us to further accelerate our mission of enhancing lives through clean, performance-based skin care solutions for a limitless, healthy future.”
As part of the transaction, middle-market private equity firm Kainos Capital will sell its minority stake in BeautyBio to Nu Skin Enterprises.
The Dallas-based firm invested in the beauty device business in March 2019.