Jessica DeLuca cofounded Cult Beauty in 2008, disrupting the beauty industry with a platform that prioritized expert-curated products. Thirteen years later, she sold the company to The Hut Group for £275 million, roughly $380 million USD, and made 29 of her team members millionaires in the process. In this episode, she shares the strategies that led to her successful exit, including how she structured the business and maximized its value.
In this episode, you’ll discover how to:
- Turn personal frustration into a market-defining business.
- Navigate early funding rounds while protecting your equity.
- Build competitive tension during a sale to maximize value.
- Reward your team with a major exit that creates life-changing opportunities.
Jessica’s journey is filled with valuable insights for any entrepreneur preparing their business for acquisition.
Quote of the Week
We created 29 new millionaires with this exit—many were warehouse staff who went from renting to owning their homes. That was the most thrilling part for me.
– Jessica DeLuca on the impact of Cult Beauty’s sale.
Deals
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UW Interco, LLC, a company that provides custom-engineered products for building exteriors such as windows and curtain walls, has been acquired by Apogee Enterprises for $240 million. Apogee Enterprises designs and manufactures glass, aluminum, and other materials used in building construction. UW had revenues of $100 million in 2023.
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Fleet Complete, a company that offers tools to manage vehicles, equipment, and mobile workers in North America, Australia, and Europe, has been acquired by Powerfleet, Inc. for $200 million. Powerfleet provides AI-powered IoT (AIoT) software solutions for the mobile asset industry. Fleet Complete had an adjusted EBITDA of $25 million, valuing the company at an 8x multiple of EBITDA.
