Case study
Beautynova is a leading Italian professional-haircare group, combining two premium brands — milk_shake and Medavita — with a best-in-class contract manufacturer, Beautynova Elite.
Bluegem created the group in 2020, merging three businesses into a single platform, and has since built it into an international leader with milk_shake's growth in the United States as the engine.
Overview
- Sector
- Beauty & Personal Care
- Headquarters
- Milan, Italy
- Model
- B2B · B2B2C · B2C
- Platform entry
- 2019
- Status
- Fund III · with PAI (2024)
THE JOURNEY
From one acquisition to a category leader
Acquire
Buy the founding platform in a fragmented, resilient niche.
Build
Merge three businesses into one full-value-chain group.
Grow
Scale milk_shake in the US, digitise, and invest in capacity.
Lead
Become an international, market-leading haircare group.
Partner
Team up with PAI to back the next phase of growth.
A REAL ECONOMY INVESTMENTThe Businesses behind Everyday Essentials
Professional haircare is exactly the kind of consumer staple Bluegem backs: consumable and repeat-purchase, a small share of a salon's costs yet hard to substitute at home, and non-commodity, protected by in-house R&D and formulation expertise. Demand is resilient through the cycle, and the market is fragmented, giving a well-run platform room to consolidate and lead.
TRANSFORMING BEAUTYNOVAOne Platform built to Lead
Bluegem brought three businesses together into a single group spanning the full B2B2C value chain, professionalised the management team, and applied its value-creation playbook: internationalising milk_shake into the US, building a direct and digital sales engine, investing in a new production plant and systems, and driving a step-change in sustainability across the group.
POSITIONED FOR THE FUTUREA Leader ready for its Next Chapter
Today Beautynova is an international leader in professional haircare, with two loved brands, a best-in-class manufacturer and a clear runway in the US. In 2024 Bluegem partnered with PAI to support the next phase of the group's growth.