Lovehoney completes merger with German competitor WOW Tech Group
Lawyers at Osborne Clarke have advised Bath-based Lovehoney on its merger with a German retailer of premium sexual wellness products – creating a global business worth over £850m.
The tie-up between Lovehoney, an e-commerce retailer, manufacturer and distributor of pleasure products and accessories, and WOW Tech Group, creates the Lovehoney Group. It also includes Amorana, a fast-growing Swiss sexual well-being retailer acquired by Lovehoney in September 2020.
Launched 19 years ago, Lovehoney sells more than 150 products, growing a 300-strong team based in Bath and across the UK, US and Australia and serving a 2.2 million global customer base.
Founders Richard Longhurst and Neal Slateford will retain minority stakes in the enlarged business and sit on its board of directors.
Swiss private equity firm Telemos Capital, which bought a majority stake in Lovehoney in 2018, will be the majority shareholder in the merged group, which will be led by WOW Tech CEO Johannes Plettenberg. It will have operations across the world and more than 730 employees, with brands including Fifty Shades of Grey, Happy Rabbit, Womanizer, We-Vibe, and Arcwave.
The Osborne Clarke team which advised the senior management team of Lovehoney on the transaction was led by corporate partners Russell Van Praagh and Pippa Byrne and included associate Alex Littlefield and trainee Kristy Hart. Tax advice was provided by partner David Nisbet and associate Bridget Baillie. Osborne Clarke also advised Lovehoney on the Telemos Capital investment.