CICLAD is acquiring a stake in Bains & Nature, which under the Baïja brand distributes natural and scented cosmetics such as skin care products (for the face and body), eau de parfum and home fragrances (scented candles and bouquets).

CICLAD carried out this transaction alongside the company’s founders Elisabeth Arnaud and Fabrice Saïd. This Owner Buy-Out also gives two key managers the opportunity to acquire a stake in the company.


Baïja’s collections are built around specific olfactory universes, the brand’s true signatures. The company has opted for a fabless model and works with partner laboratories in France.

The products are mainly distributed through a network of beauty salons, spas and independent boutiques. They are also sold in major perfumery, cosmetics and interior design chains, and on export markets through specialist distributors and the company’s website.

Baïja stands out thanks to its ‘pleasure’ positioning, which stands out from that of conventional cosmetics, which focus on technique. It’s a positive, colourful, gourmet and sensorial brand that offers high-quality, affordable products.

Since its creation, the company has enjoyed very strong growth. After achieving sales of over €6m in 2022, the company plans to reach €8.6m in 2023.

The project

Baïja’s development plan is based on continued organic growth (penetration of the institute market, development of exports, product innovation) and possibly external growth operations, if this makes sense for the group. The aim is also to support the founders of Baïja in the gradual transfer of their company.

Elisabeth Arnaud and Fabrice Saïd, founders of Baïja, said: “Baïja has always been above all a great human adventure. So it was only natural that we chose the CICLAD investment fund, which specialises in business transfers, to work with us to write the history of the brand while respecting its DNA. We will be delighted to prepare and support the future transfer of management to perpetuate the FeeltheGood spirit of Baïja”.

Stéphane Billon, Managing Partner at CICLAD, added: “First and foremost, this deal is the culmination of a wonderful entrepreneurial story. Elisabeth and Fabrice have developed Baïja around a highly original concept that has been acclaimed by its customers. They have also put in place a lean but effective organisation to support the company’s growth. We, for our part, are delighted to be associated with the future of this fine SME, in a project for organic, multi-channel development in France and abroad. Together with Elisabeth and Fabrice, we will also be working hard to structure the company and prepare for the future transfer of management. The acquisition of a stake in the company by two key executives is part of this strategy.