SALT LAKE City and GREENWICH, Conn., Aug. 11, 2021 /PRNewswire/ — Splendor Market Group (“Big” or the “Firm”), the leader in professionally-mounted and Do-it-yourself hair extension products, right now announced that it has entered into a definitive agreement below which L Catterton, the largest worldwide consumer-concentrated private fairness firm, will acquire a greater part stake in the Company. BIG’s current shareholders, including HGGC, CEO Derrick Porter, and the Company’s administration crew, will reinvest together with L Catterton and keep on to have a substantial minority stake in the Company going forward. Terms of the transaction ended up not disclosed.
Founded in 2004, Splendor Field Team has developed exponentially to come to be the top system in the promptly escalating, world-wide hair extensions category, comprising a premier portfolio of 13 market-main models, including HALOCOUTURE, Donna Bella Hair, Elegance Operates, Hairtalk, and Luxy. By its special multi-channel direct-to-stylist (DTS), immediate-to-client (DTC), and professional distribution community, the Enterprise at present serves a global customer base reaching far more than 100,000 hair salons and stylists, and tens of millions of buyers throughout 165 nations around the world.
Next the close of the transaction, the Enterprise will proceed to be headquartered in Salt Lake Town, Utah and led by Main Govt Officer Derrick Porter and the present administration group.
“The hair extension group is just one of the largest, speediest expanding, and most underserved areas in the hair care category. Customers of all ages and demographics are ever more turning to hair extensions for fuller, thicker, and lengthier hair in their everyday lives,” mentioned Avik Pramanik, Spouse at L Catterton. “Derrick and the Big team have recognized the Enterprise as the premier service provider of hair extension expert services and goods for individuals and stylists alike. In addition, Significant has established by itself as the associate-of-choice for main brand names and innovators in this rising class. We share a extended-expression eyesight with the Huge group and HGGC, and we seem forward to functioning jointly to capitalize on new possibilities for extensive-expression, sustainable expansion whilst continuing to produce the greatest high quality products and solutions to more shoppers, stylists, and salons all-around the earth.”
“We are thrilled to husband or wife with L Catterton to construct on our momentum and continue on to extend our current market management within just the magnificence house,” claimed Derrick Porter, Main Executive Officer of Natural beauty Business Team. “With extra and much more customers all-around the world prioritizing hair extensions more than any other elegance support, L Catterton’s model creating know-how, operational know-how, and global means will let us to boost our entire world course supply chain even more, and attain more people who depend on substantial quality hair extensions each individual working day. With the assist of HGGC above these very last several yrs, we have developed a premier portfolio of main brand names, and we could not be more enthusiastic about our Company’s potential with this partnership.”
“Having worked alongside Derrick and the full Major crew for the last 3 years as the Company has grown its portfolio, entered the DTC channel, and expanded into numerous new geographic marketplaces, including Germany, the United Kingdom, and Australia, we could not be more self-confident that this partnership with L Catterton will permit the Firm to capitalize on many enjoyable natural and organic development and acquisition options,” reported Steven Leistner, Spouse at HGGC. “We look ahead to continuing our wonderful connection with Derrick and the administration workforce as we guidance Huge by way of its following section of expansion.”
L Catterton has considerable working experience investing globally in differentiated shopper models which include those in the splendor and haircare house. Recent and previous investments incorporate Intercos, Marubi, The Genuine Organization, Elemis, Operate of Elegance, Bliss, Il Makiage, Frederic Fekkai, Nutrafol, and Tula.
About Splendor Field Team
Big, proven in 2004, is an sector leader for skillfully installed and immediate to purchaser hair extensions. BIG’s products are marketed in a lot more than 30,000 salons across 165 international locations. Major has offices in 5 nations and is headquartered in Salt Lake Town, UT. For much more data about Natural beauty Market Team be sure to pay a visit to BeautyIndustryGroup.com.
About L Catterton
With around $30 billion of equity money throughout its fund methods and 17 workplaces all around the earth, L Catterton is the biggest world-wide purchaser-concentrated private fairness business. L Catterton’s staff of just about 200 investment decision and functioning industry experts associates with management groups about the planet to employ strategic programs to foster advancement, leveraging deep class perception, operational excellence, and a broad partnership community. Considering that 1989, the organization has manufactured over 250 investments in top customer makes. For much more info about L Catterton, make sure you go to lcatterton.com.
HGGC is a major middle-industry personal fairness company with over $5.5 billion in cumulative funds commitments. Based in Palo Alto, California, HGGC is distinguished by its Advantaged Investing technique that allows the agency to source and receive scalable organizations by way of partnerships with administration teams, founders and sponsors who reinvest along with HGGC, making a potent alignment of interests. Because its inception in 2007, HGGC has completed 290 platform investments, add-on acquisitions, recapitalizations and liquidity activities with an mixture transaction value of over $38 billion.
Andi Rose / Tim Ragones / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
Magnificence Field Team
Eddie de Sciora
Supply L Catterton