After selling Flora & Fauna last year for nearly $28 million, Julie Mathers has now acquired babywear business Snuggle Hunny in partnership with Arcus Partners, and taken on the role of CEO.
Mathers — an ethical entrepreneur and a judge in last year’s Smart50 Awards for the Eco Warrior category — tells SmartCompany that thoughts of the acquisition came about earlier this year.
When she sold Flora & Fauna to BWX, she had every intention of staying on board and running the business, alongside another one of BWX portfolio companies, Nourished Life, Mathers explains.
“It just transpires that it didn’t work out for me in terms of different visions, values, and all of that good stuff,” Mathers said, stating she left the business in February this year.
It was at the same time that Mathers noticed Snuggle Hunny was up for sale, and as a self-confessed “trader at heart”, the chance to grow another brand was “such a good opportunity”.
“I’m very much in my happy space, and I think for me, the small to medium-sized business is perfect for how I am as a human, and for my skill set,” Mathers said.
“Things ended up falling into place a little bit. I had the full intention of staying [at BWX] and it didn’t really work out that way.
“The stars aligned.”
Mathers says Snuggle Hunny is not only a good opportunity in terms of both market and financials, it’s also “a really beautiful brand as well”.
“I’m all about driving change through business.”
To help drive this change, Mather’s husband — and previous chief operating office of Flora & Fauna — Tom Abraham will also be joining the Snuggle Hunny team in the COO role.
The brand was founded in 2015, and currently has products stocked in over 2000 retailers in more than 60 countries worldwide.
And while Mathers acknowledges the “really strong following” Snuggle Hunny has here in Australia, she also recognises that there’s still “so much opportunity for growth”.
“I think that’s the reason any one buys anything, really, and it’s certainly why we bought the brand,” she said.
“It’s that growth element — but it’s also the ability to drive change with a brand.”
While Mathers is legally unable to share the sum of the acquisition, she did partner with private equity firm Arcus Partners for the deal.
“What I like about them is they are not your standard investor — they’re very patient,” Mathers said of Arcus Partners.
“They think about the long term so they’re not desperate for a return tomorrow, and therefore we’re making sensible, strategic decisions for the future.
“The summary of it is, we have the same vision. And I think its really, really key that if you go into partnership with someone, you’re on the same bus.
“And we’re having a lot of fun.”
Sophie Venz is a freelance writer and editor working remotely from wherever she can get an internet connection. You can find her bylines in Forbes, SmartCompany, Mamamia, Punkee and many more.
