Cult Aussie skincare brand Alpha-H sold to Vita Green for $50m
Gold Coast–based skincare group Alpha-H, renowned for its Liquid Gold range, has been sold by global buyout firm The Riverside Company to Hong Kong supplements group Vita Green. The transaction is valued at an estimated $50 million. Alpha-H reported annual sales of about $20 million and was profitable at the time of the deal.
Transaction snapshot
Deal value: $50 million
Deal multiples: ~2.5x revenue
Deal type: Acquisition by Vita Green from The Riverside Company
Investors: Vita Green
Alpha-H develops cosmeceutical formulations that bridge the gap between traditional beauty products and more invasive treatments. Its Liquid Gold line has built a cult following among skincare enthusiasts. Vita Green will leverage over 1,000 staff, three pharmaceutical factories, and offices across Asia, the US and Europe to accelerate Alpha-H’s expansion into Asian markets while preserving the brand’s independence and creative ethos.
Vita Green founder and chief executive Helen Chan informed Alpha-H employees that this marks Vita Green’s first acquisition. Chan emphasised that the company intends “to support your team, provide new resources, and help you reach even greater heights while maintaining your brand’s independence and creativity.”
Alpha-H’s products are sold in more than 40 countries through retailers such as Sephora, Mecca and Adore Beauty, alongside a growing direct-to-consumer platform. Manufacturing remains primarily at Alpha-H’s Gold Coast headquarters, ensuring quality control and continuity of supply.
The sale follows a wave of high-profile transactions in Australia’s beauty sector. In 2023, Aesop was sold to L’Oréal for $2.53 billion. Shortly thereafter, self-tan brand Bondi Sands was acquired by Japan’s Kao Corporation for $450 million. Earlier in 2025, pharmaceutical billionaire Dennis Bastas purchased MCoBeauty at a valuation of $1 billion, adding to his portfolio that includes Nude by Nature and Makeup Cartel.
Riverside took a substantial stake in Alpha-H alongside founder Michelle Doherty in 2019. It subsequently bought out Doherty’s remaining interest and guided the brand’s international expansion into Britain and the US. Simon Feiglin, Riverside Australia managing partner, noted that their involvement “strengthened the brand, developed new products, expanded its global footprint, and positioned the company for long-term growth.” Feiglin declined to discuss the exact sale price.
Beyond Alpha-H, Riverside has backed a range of Australian businesses. It was an early investor in Retail Zoo (owner of Boost Juice, Salsa’s Fresh Mex Grill and Betty’s Burgers) and facilitated the sale of Adelaide-based software company Energy Exemplar to Blackstone and Vista Equity Partners for over US$1 billion. It also holds stakes in Advance Clinical and Virtual IT Group.
The acquisition of Alpha-H by Vita Green signals a focus on Asia’s growing skincare market and underscores ongoing investor interest in Australian beauty brands.
