London-based investment firm Inspirit Capital has acquired British sleep and skincare brand This Works from Canopy Growth Corporation.
This Works, headquartered in London, which offers a range of high-quality natural skincare and sleep solution products, has been sold off by Canopy Growth so the company can focus on its North American cannabis operations.
Will Stamp, Partner at Inspirit Capital, said in a statement: “We are excited to invest in This Works and support Anna Persaud (CEO) and the team pursue their ambition for the business. They are well positioned to capitalise on the ongoing growth in consumer interest in sleep and wellness, given the strong brand equity and their track record of product innovation.
“This deal also further underlines Inspirit’s status as a trusted partner for delivering divestments from corporate vendors.”
The deal was valued at up to 9.3 million pounds, with Canopy receiving an upfront payment of 2.7 million pounds in cash and in other consideration, a loan note issued by Inspirit Capital and a contingent earn-out.
Dr Anna Persaud, chief executive of This Works, added: "We're proud of the legacy that This Works has built as part of the Canopy Growth family. Through dedication to the creation of innovative products and formulations, we have deepened customer loyalty and expanded our global footprint.
“As we take this next step, we look forward to working with the leadership of Inspirit Capital to further the brand's growth and long-term success.”