Bluegem Capital Partners announces combination of Australian Bodycare and Ecooking
London, April 2026
Bluegem Capital Partners announces combination of Australian Bodycare and Ecooking to create a leading Nordic beauty platform.
Bluegem Capital Partners, a specialist pan-European private equity firm, today announces that Bluegem III has completed a transformational combination of Australian Bodycare and Ecooking, bringing together two highly complementary Danish beauty brands to create a scaled Nordic beauty platform. The transaction establishes a local champion in the Nordics, with more than DKK 250m of combined revenue, and approximately 50% of sales generated outside the home market.
Founded in Denmark, Australian Bodycare has built a strong position in efficacious, solution-oriented personal care, with products spanning face, body, intimate care and hair care. The business combines a clear problem-solving proposition with broad consumer accessibility and has developed a highly efficient, digitally enabled operating model, underpinned by vertically integrated in-house manufacturing, warehousing, logistics and R&D capabilities. Together with Ecooking’s strong brand equity, the combination creates a more diversified and scalable platform with significant potential for further growth in the Nordics and internationally.
The combined group benefits from complementary category exposure, broader channel reach and greater geographic diversification, alongside substantial operational synergies. These include production insourcing, procurement, logistics, warehousing and overhead efficiencies, as well as cross-selling opportunities and new product development across the platform. The result is a profitable, vertically integrated beauty business with the scale and international footprint to stand out in the Nordic market and provide a strong foundation for further consolidation in European beauty.
Mathieu Develay, Partner at Bluegem Capital Partners, said:
“Australian Bodycare and Ecooking are two highly complementary businesses, and this combination creates a stronger platform in the Nordics with the scale, capabilities and profitability to stand out in the market. What particularly impressed us about Australian Bodycare is the quality of its vertically integrated model, its in-house manufacturing and R&D capabilities, and the way management has positioned the business at the forefront of applying AI and data across the organisation. Together, the two brands form a differentiated platform with strong foundations for continued growth, both in the Nordics and internationally.”
The transaction reflects Bluegem’s strategy of supporting companies through focused operational value creation, digital enablement and strategic M&A. By combining Australian Bodycare and Ecooking, Bluegem is creating a scaled Nordic beauty platform with strong local leadership, meaningful international exposure and a compelling base for continued organic and acquisitive growth.
Bluegem was advised by KPMG on Financial, Operational, Tax and ESG matters, and by Ropes & Gray alongside Moalem Weitemeyer on legal matters.