SALT LAKE Town and GREENWICH, Conn., Aug. 11, 2021 /PRNewswire/ — Magnificence Sector Group (“Huge” or the “Enterprise”), the chief in skillfully-set up and Do-it-yourself hair extension goods, right now announced that it has entered into a definitive agreement less than which L Catterton, the most significant world wide customer-concentrated non-public equity business, will acquire a the vast majority stake in the Business. BIG’s present shareholders, like HGGC, CEO Derrick Porter, and the Firm’s administration team, will reinvest along with L Catterton and continue on to very own a major minority stake in the Organization going forward. Phrases of the transaction were being not disclosed.
Started in 2004, Magnificence Market Team has grown exponentially to become the main system in the quickly developing, international hair extensions group, comprising a leading portfolio of 13 market-foremost manufacturers, which includes HALOCOUTURE, Donna Bella Hair, Splendor Will work, Hairtalk, and Luxy. By its distinctive multi-channel direct-to-stylist (DTS), immediate-to-customer (DTC), and experienced distribution community, the Enterprise now serves a worldwide shopper foundation reaching much more than 100,000 hair salons and stylists, and hundreds of thousands of people throughout 165 international locations around the globe.
Pursuing the shut of the transaction, the Corporation will continue on to be headquartered in Salt Lake City, Utah and led by Main Government Officer Derrick Porter and the present administration staff.
“The hair extension group is one of the biggest, fastest expanding, and most underserved areas in the hair treatment group. Consumers of all ages and demographics are increasingly turning to hair extensions for fuller, thicker, and lengthier hair in their day-to-day lives,” claimed Avik Pramanik, Husband or wife at L Catterton. “Derrick and the Significant staff have proven the Business as the leading service provider of hair extension solutions and items for people and stylists alike. In addition, Large has established itself as the spouse-of-preference for main makes and innovators in this emerging class. We share a extensive-phrase vision with the Massive crew and HGGC, and we seem ahead to operating jointly to capitalize on new opportunities for extended-term, sustainable development while continuing to provide the greatest good quality merchandise to much more individuals, stylists, and salons close to the planet.”
“We are thrilled to husband or wife with L Catterton to construct on our momentum and carry on to broaden our marketplace leadership within just the splendor place,” claimed Derrick Porter, Main Govt Officer of Elegance Sector Group. “With additional and more shoppers close to the entire world prioritizing hair extensions about any other attractiveness services, L Catterton’s model building experience, operational know-how, and world-wide assets will permit us to enhance our entire world class source chain further more, and achieve more customers who rely on significant excellent hair extensions each and every day. With the aid of HGGC above these very last many many years, we have created a premier portfolio of foremost makes, and we could not be extra psyched about our Firm’s long term with this partnership.”
“Getting worked alongside Derrick and the complete Major crew for the previous 3 yrs as the Business has developed its portfolio, entered the DTC channel, and expanded into multiple new geographic marketplaces, together with Germany, the United Kingdom, and Australia, we could not be more self-assured that this partnership with L Catterton will make it possible for the Business to capitalize on a number of exciting natural advancement and acquisition alternatives,” claimed Steven Leistner, Spouse at HGGC. “We search ahead to continuing our excellent romance with Derrick and the administration team as we assist Massive as a result of its up coming phase of expansion.”
L Catterton has important practical experience investing globally in differentiated customer makes together with those in the magnificence and haircare place. Recent and past investments consist of Intercos, Marubi, The Truthful Organization, Elemis, Operate of Splendor, Bliss, Il Makiage, Frederic Fekkai, Nutrafol, and Tula.
About Elegance Sector Team
Major, recognized in 2004, is an industry chief for skillfully put in and direct to consumer hair extensions. BIG’s goods are bought in much more than 30,000 salons throughout 165 countries. Massive has offices in 5 international locations and is headquartered in Salt Lake Metropolis, UT. For far more information about Elegance Industry Team be sure to check out BeautyIndustryGroup.com.
With somewhere around $30 billion of fairness funds across its fund methods and 17 workplaces about the world, L Catterton is the major world wide buyer-targeted private equity business. L Catterton’s team of practically 200 investment and operating specialists associates with administration groups close to the entire world to apply strategic designs to foster development, leveraging deep category insight, operational excellence, and a broad partnership network. Considering that 1989, the agency has produced over 250 investments in primary consumer makes. For more information and facts about L Catterton, remember to visit lcatterton.com.
HGGC is a primary middle-marketplace private fairness company with over $5.5 billion in cumulative cash commitments. Centered in Palo Alto, California, HGGC is distinguished by its Advantaged Investing tactic that allows the agency to resource and acquire scalable companies via partnerships with administration groups, founders and sponsors who reinvest together with HGGC, generating a solid alignment of interests. Given that its inception in 2007, HGGC has completed 290 platform investments, increase-on acquisitions, recapitalizations and liquidity situations with an combination transaction price of over $38 billion.
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