Warpaint London, the owner of the W7 make-up brand, has acquired UK-based colour cosmetics company Retra Holdings.
The company raised £21.2m through a placing of up to 11,157,894 new ordinary shares at a price of 190p per share of 25p each.
Retra is the owner of make-up brands Technic, Body Collection and Man’s Stuff; it also produces cosmetics for high street retailers including Asda and Catalan.
Sam Bazini and Eoin Macleod, Joint Chief Executives of Warpaint, said: “This acquisition will provide Warpaint with access to new customers and suppliers, increased numbers of product development personnel and additional exposure to the gifting market, an area of increasing focus for Warpaint.
“The acquisition will help to accelerate Warpaint's growth both domestically and internationally. We look forward to welcoming the Retra team into Warpaint and combining the businesses to derive new opportunities and synergies.
“Warpaint remains on track to meet management expectations this year and we look forward to the future with confidence.”
Retra generated £17.5m in sales in 2016, with profits before tax of £2.3m.
