Natura &Co to Sell The Body Shop to Aurelius

Cleary Gottlieb represented Natura &Co in the sale of The Body Shop to international private equity group Aurelius.

Under the transaction, Aurelius has signed an agreement to acquire The Body Shop for an enterprise value of £207 million, including an earn-out of £90 million. The price and the earn-out will be payable in up to five years after closing. The closing of the transaction is expected to occur by December 31, 2023, and is subject to customary regulatory approvals.

Under Natura &Co’s ownership since 2017, The Body Shop has undergone an overhaul of its product portfolio and a rejuvenation of the brand, notably through a more contemporary redesign of its stores, with the Changemaking Workshop that enhanced stores and customer experience worldwide, and of its refill program, now in place in nearly 800 stores. The Body Shop also became a certified B Corp in 2019, broadening its sustainability commitments and regaining its advocacy voice.