G+T advised online beauty and personal care retailer, Adore Beauty on its successful IPO and ASX listing. The IPO is the largest to list on the ASX in 2020 to date.
Adore Beauty was owned by co-founders Kate Morris and James Height and the Quadrant Growth Fund. It was founded in 1999 in Kate Morris’ garage and has since grown to be Australia’s largest pureplay online beauty retailer.
Adore Beauty raised around $250 million giving the company a market capitalization of $635 million and an enterprise value of $615 million.
The G+T team was led by Corporate Advisory partner Rachael Bassil with support from lawyers Olivia Blakiston, Matthew Coe, Clancy Bradshaw and Beverly Parungao. Partner Gail Christopher advised on the banking aspects.
Rachael Bassil said “It was a pleasure advising Adore Beauty on this incredible transaction. We are particularly proud to be involved in a transaction that will see the first IPO of size brought to market with a female founder (Kate Morris) and female CEO (Tennealle O’Shannessy). The majority of the directors are women, the CFO and COO are women and the advisor teams were largely led by women. In a business environment that is still dominated by men this has been a really fabulous experience.”
“We are so proud to be involved with a company and leadership team who take a values driven approach that shows in everything they do. A great example of authentic leadership. We look forward to watching Adore Beauty continue to grow and succeed as an ASX listed company”.
G+T assisted the Quadrant Growth Fund on its investment in Adore Beauty in 2019. G+T also assisted the Quadrant Growth Fund on its investments in Grays Online, ModiBodi, QuadLock, Love to Dream and Arq.