A cosmetic technology company backed by Sir Nigel Rudd and early Betfair investor Richard Koch has signed a partnership deal with consumer products giant Procter & Gamble (NYSE: PG - news) believed to be worth in the region of £250m.
CyDen, whose shareholder roster includes Sir Nigel’s private venture capital business Longbow Capital, has agreed a five-year deal which will allow P&G to sell its personal hair removal device around the world.
Although neither side has released any figures, it is believed it will be worth as much as £250m. The device will use CyDen’s iPulse intense pulsed light technology, using natural light to remove unwanted body hair permanently.
The device will be marketed mainly to women, for use on legs and other parts of the body, but can be used by men, too, although not for removing beard hair.
To date, Swansea-based CyDen has marketed a similar device through high street retailer Boots, but it is thought that deal will end after the P&G agreement.
The contract has also led to a change in the share register, with Unilever (Amsterdam: UNIA.AS - news) Ventures, the venture capital arm of the rival consumer products group, in the process of selling its stake to Mr Koch, who was a co-founder of management consultancy LEK Consulting. Mr Koch’s stake will be 30pc-40pc.
CyDen chief executive William Cotton, formerly head of Boots’ international retail arm, refused to comment on the deal’s value.
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