As shoppers were hitting the high street in the weeks leading up to Christmas last year, private equity firm Aurelius was eyeing a bargain of its own.
The London-based fund manager announced in mid-November that it had scooped up British ethical beauty brand The Body Shop, buying it from Brazilian cosmetics conglomerate Natura in a £207mn deal, of which £90mn would be payable in five years.
To do this it had invested less than £20mn of equity, according to a person familiar with the firm.
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