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Ares acquires DevaCurl, Tengram exits
Posted on Friday, 19 May 2017 10:28
Ares Management is buyng Deva Holdings in a deal which provides an exit for Tengram Capital Partners some three and a half years after the private equity firm first invested in the owner of professional and prestige hair care brand DevaCurl.
Founded by Denis DaSilva and Lorraine Massey in 1994, the company offers a complete line of sulphate, silicone and paraben-free cleansers, conditioners, styling products and treatments specifically formulated for consumers with curly, super curly and wavy hair.
Deva is billed as an industry leader and innovator for the category, has attracted a broad, multi-cultural, and digitally-savvy following.
It serves customers and stylists through professional salon distributors, prestige retail partners, its flagship Devachan salon in New York City, and online at www.devacurl.com.
Tengram focuses exclusively on leading middle-market consumer and retail companies that own strong recognisable brands and invests in both traditional growth and restructuring/turnaround situations in either the public or private sectors.
Previous and current portfolio investments include EarthTreks, Algenist, Cos Bar, Differential Brands Group, This Works, Zanella, Laura Geller Beauty, NEST Fragrances and Sequential Brands.
According to Zephyr, the M&A database published by Bureau van Dijk, 19 deals have been announced so far this calendar year that target US companies operating in the beauty salon and toilet preparation categories.
One notable growth financing round involved Koco Life, the Californian organic coconut oil-based beauty product manufacturer doing business as Kopari Beauty, attracting investment from the likes of Ashton Kutcher and Hilary Duff.
Globally, in March Henkel acquired Nattura Laboratorios and its two brands, Pravana and Tec Italy to advance its position in the US and Mexican professional hair care markets and provide a platform for growth in Latin America.
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