Beauty brand The Body Shop has been acquired by pan-European alternative investment firm Aurelius from Natura & Co for £207 million ($398 million).

The Body Shop has over 900 company-owned stores across 20 countries and has partnerships with franchisees operating 1600 stores in an additional 69 geographies.

“We are deeply grateful to Natura & Co for their unwavering support and I’m looking forward to working hand in hand with Aurelius as we adapt and flourish in new global retail environments, always with an eye on sustainable and profitable growth,” said Ian Bickley, The Body Shop CEO.

“We are delighted to be undertaking this acquisition of an iconic British brand, which pioneered the cruelty-free and natural ingredient movement in the health and beauty market,” said Tristan Nagler, Aurelius partner.

Previously, Aurelius acquired Footasylum from JD Sports and LSG Sky Chefs (LSG Group) from Deutsche Lufthansa.

After years in private ownership, The Body Shop was bought by L’Oreal in 2006, which sold the business to Natura & Co in 2017.