Sunless Inc., the maker of the popular sunless tanning booths MysticTan, VersaSpa, and Norvell was recently acquired by Harlan, Inc. and Branford Castle Partners L.P., New York based private equity firms. Few details of the deal that took place August 13, 2019, have been released, but many in the self-tanning industry are interested to see what’s next for the global company.
Headquartered in Ohio, Sunless Inc. was previously controlled by Riverside Company, another private equity firm. Riverside acquired Sunless in 2011. Sunless is regarded as an industry leader in spray tanning booths and handheld spray tanning equipment in a billion dollar industry with projections of continued steady growth. The company started in 2000 and has grown to become a global seller of self-tanning equipment and is responsible for more than 12 million spray tans a year.
Castle Harlan is a global private equity investment firm with interests in North America, Europe and Australia. The firm’s current portfolio includes Shelf Drilling, Tensar Corporation, Gold Star Foods, and Titan Production Equipment. Affiliated acquisition partner, Branford Castle is private market investor in small to medium sized private companies. The firm has particular interest in industrials, consumer goods, and services, and transportation and logistics industries.
In a joint press release from Castle Harlan and Branford Castle, Eric Schwartz, Managing Director of Castle Harlan said, “Sunless is an excellent opportunity to acquire the leader in a growing and recurring consumer market. Demand for spray tanning is strong. It is amazing how quickly consumers who try spray tanning become regular adopters, and we expect this trend to continue in the coming years.”
John S. Castle, President and CEO of Branford Castle, said, “Spray tanning is quick, easy, and allows people to look awesome. Branford’s deal team has been looking especially great since due diligence started. Further, we are very excited to work closely with the company’s customers to best address their needs and grow the industry as a whole.”
The question remains, what’s next for Sunless Inc., and how might this new acquisition change the self tanning industry?
MHTT is factory-trained, certified, and insured equipment repair, maintenance and installation provider proudly serving locations in Colorado and neighboring states. Our team of professionals has been servicing Sunless equipment for many years. For more information on our services or to schedule an appointment, contact us today!