Neom, which is based in Harrogate and employs 50 people, is a fast-growing multi-channel business with retail sales value that has grown by 35% this year to reach £18m. The business was founded by the former editor of Glamour Magazine, Nicola Elliott and investment analyst Oliver Mennell. Neom designs products that deliver therapeutic benefits to relieve stress, aid sleep, boost energy and lift mood.
Piper’s investment in Neom will provide the funding to enable the business to expand its product range, develop the senior team, open additional stores and increase its international footprint. It is the third investment from Piper’s sixth fund, Piper VI, which recently closed at £125m.
Simon Hewes commented: "We're delighted to have advised Piper on this latest investment, working collaboratively with its advisory team to complete the deal before Christmas. Piper has a real passion for growing young consumer brands into successful mature businesses and we look forward to working with them again as the business continues to grow its investment portfolio."
Libby Gibson, Partner at Piper, said: "We know from all our research that, with such busy lives, consumers are increasingly concerned about their wellbeing. We have admired Neom for many years and have been consistently impressed with the quality of its products and how the brand addresses a real and growing consumer need. We look forward to helping Nicola, Oliver and the team build on their success."
Dan Stern, Investment Director at Piper, added: "Simon, Sammy and Philip did another fantastic job for Piper. They demonstrated deep specialist knowledge coupled with great commercial awareness and project management skills. They were a pleasure to work with."
Womble Bond Dickinson has supported Piper on a number of transactions in 2017, having advised on its investments into Pet Food UK ("Barking Heads"), Flat Iron Restaurants and now Neom.