Swiss private firm Telemos Capital has bought a majority stake in UK sex toy and lingerie retailer Lovehoney.
Founded by Richard Longhurst and Neal Slateford 16 years ago in Bath, Lovehoney has grown to bring in £100m in revenues, with operations in America and Australasia.
Profits at the firm rose 76% to £9m for the year to 30 March 2017.
The value of the stake and the percentage in the company that has been acquired by Telemos Capital has not been revealed.
According to a statement from the firm, the funds will be used to accelerate plans for international expansion “tapping into fragmented and underdeveloped markets and building on its strong consumer engagement”.
Lovehoney will also invest in new technology and marketing, allowing the business to raise its profile in new geographies.
Richard Longhurst, co-founder of Lovehoney, said: “This is the culmination of 16 years of hard work by our brilliant teams in Bath and our offices worldwide. It has been a phenomenal journey for Neal and I and we’re beyond excited at our future plans for Lovehoney.”
Philippe Jacobs, executive chairman of Telemos, said: “We are delighted to have made this investment which demonstrates our differentiated thinking and approach. Richard and Neal have created a great company. We are excited to partner with founders with long-term growth aspirations and a desire for a flexible and nimble investor.”