Henkel to boost beauty care portfolio with DevaCurl acquisition
German chemical and consumer goods company Henkel announced on Monday that it has signed an agreement to acquire NYC-based Deva Parent Holdings, Inc., owner of high-growth specialist professional haircare brand DevaCurl, from a fund managed by Ares Management Corporation’s private equity group.
The deal is part of Henkel’s wider strategy to improve its position in fast-growing and attractive markets and categories, and is intended to strengthen its professional haircare business.
Founded in 1994, DevaCurl offers a range of care and styling products for curly and wavy hair, including a portfolio of both vegan and “free from” formulas.
The brand’s products, which include styling products and accessories, as well as treatments, cleansers and conditioners, are distributed in leading U.S. salons and can also be purchased in select retailers, such as Sephora and Ulta, as well as through direct-to-consumer and e-commerce channels.
Henkel believes the business, which is expected to generate sales of around $100 million in 2019 and currently employs around 200 people, is highly complementary to its existing beauty business.
“DevaCurl is one of the fastest-growing ‘Premium Professional’ hair care brands in the U.S.,” said Jens-Martin Schwärzler, EVP responsible for Henkel’s beauty care business, in a release. “The brand is a perfect fit for our beauty care business and will reinforce the growth momentum of our hair professional portfolio in the world’s largest hair professional market.”
With operations in adhesive technologies, homecare and beauty, Henkel reported around 20 billion euros (approximately $22 billion) in sales in 2018 and employs some 53,000 people around the world.
The company’s deal to acquire Deva Parent Holdings is subject to customary closing conditions, including regulatory approvals.
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