Camillo Pane and Tony Buffin are allegedly helping the US buyout firm draw up a firm offer for the health and beauty retailer
The US buyout firm has until 15 May to confirm whether it will make an offer
The US buyout firm has brought in former CEO of beauty giant Coty, Camillo Pane, to advise on its interest in the health and beauty retailer, reported Sky News.
As well as Tony Buffin, who held the position of CEO at health food chain Holland & Barrett from 2019 to 2021.
Apollo has until 15 May to confirm whether or not it will make an offer under takeover panel-imposed rules.
The company first announced its interest in acquiring the entire share capital of THG last month, which caused stocks in the online retail giant to soar 44%.
It is unclear whether Pane and Buffin would have ongoing roles within the business if Apollo succeeds in its buyout.
Brands currently within Apollo’s portfolio include MyProtein and Cult Beauty.
THG’s CEO Matthew Moulding also took to LinkedIn in late-April to hit back at the media’s “negative” coverage of the company in the wake of a potential takeover.
He claimed the British press, hedge funds and bank analysts had regularly built “negative coverage” against UK listed companies so the three groups could bet on which share prices will fall.
In a recent trading update, THG reported an operating loss of £495.6m for the year ended 31 December 2022.
Total revenues increased 2.7% to £2.2bn, with the group's beauty sales up 4.5%.
Over the past 12 months, THG has received numerous buyout offers before Apollo’s, but all had stalled.
Moulding said back then that “every proposal to date has been unacceptable, failing to reflect the fair value of the group”.