Play Dermot Desmond exits from Spotlight investment
Billionaire businessman Dermot Desmond’s IIU fund exited its investment in dental hygiene brand Spotlight Oral Care during the company’s latest funding round.
According to documents filed on Companies Registration Office, IIU’s director at Spotlight resigned in July. On the same day, Andrew Bourg, co-founding partner of the fund Development Capital — which invested €12m into Spotlight in July — was appointed as a director.
It is understood IIU was made a good offer for its share of Spotlight and the two sides went their separate ways amicably.
Barry Buckley, the chief financial officer of Spotlight, said IIU had “parted ways with Spotlight” during the latest round of investment, adding it was bought out by Development Capital in a move “all parties felt was the best thing for Spotlight”.
“As founders, we will always be very grateful to the entire team at IIU for the faith they showed in us and the invaluable guidance they provided to us these past three years.”
In 2020, IIU invested €2m into Spotlight in exchange for a 10pc share of the company. It invested a further €1m earlier this year.
Spotlight has also appointed new members to its board, including Ju Rhyu, a co-founder and CEO of fast-growing US beauty brand Hero Cosmetics. Tom Rinks, president of Sun Bum, has also been appointed. He founded Sun Bum, a sun care lifestyle brand, which was acquired by SC Johnson for $400m (€340m)in 2019.
Joel Palix, the former CEO of European perfume retailer Feelunique, has been appointed as chairman.
“Their significant experience in building global beauty brands will be a huge asset for Spotlight, as will the many connections and relationships they have fostered over that time,” said Buckley.
Last week, Spotlight received a €50,000 investment from an Isle of Man-based firm called Vetranio. The firm was previously linked to Richmond Marketing founder Barry Connolly.
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