Ares Management has signed an agreement to acquire Deva Holdings, the parent company of DevaCurl, a professional hair care brand dedicated to curly hair, from Tengram Capital Partners and other shareholders of the company.
DevaCurl offers a complete line of sulfate, silicone and paraben-free cleansers, conditioners, styling products and treatments specifically formulated for consumers with curly, super curly and wavy hair. The company’s products are sold through professional salon distributors and prestige retailers such as ULTA, Sephora and Nordstrom. The company also operates four salons and the DevaCurl Academies in New York and Los Angeles. DevaCurl, led by CEO Colin Walsh, was founded by Denis DaSilva and Lorraine Massey in 1994 and is headquartered in New York (www.devacurl.com).
Ares Management (NYSE:ARES) has approximately $100 billion in assets under management and invests in private equity, leveraged loans, high-yield bonds, distressed debt and private debt. Within Ares, its private equity group manages $25 billion of assets and is currently investing its fifth private equity fund with $7.8 billion of committed capital. Ares Management is headquartered in Los Angeles with offices across the United States, Europe, Asia and Australia (www.aresmgmt.com).
“We are excited to partner with the talented DevaCurl team as long-term investors in the company,” said Dennis Gies, a Partner in the private equity group of Ares Management. “DevaCurl is the category leader and brand authority in curly hair, with a long legacy of product innovation and an impressive track record of growth.”
“This investment in DevaCurl exemplifies our strategy of partnering with best-in-class management teams that have distinguished products and leadership positions in their industries,” said David Kaplan, Co-Founder and Partner of Ares Management and Co-Head of the firm’s private equity group. “We look forward to supporting the company in its next phase of growth.”
Tengram invests in companies in the branded consumer products and retail sectors. Specific areas of interest include apparel, sporting goods, consumer electronics, home furnishings, health & beauty, spirits, and food & beverages. Tengram was founded in 2010 by William Sweedler and Matthew Eby and is based in Westport, CT (www.tengramcapital.com).
“We are very proud to have been part of the growth of the brand of DevaCurl,” said Mr. Eby, Managing Partner at Tengram. “Colin and the team at DevaCurl have built an amazing brand on the foundation of unique, innovative products and an incredibly loyal and engaged consumer.”
Jefferies was the financial advisor to Ares and Financo was the financial advisor to DevaCurl.
© 2017 Private Equity Professional | May 19, 2017
