Topspin Sells JD Beauty to ACON

Goody Products, a portfolio company of ACON Investments, has agreed to acquire JD Beauty, a portfolio company of Topspin Partners since October 2015.

JD Beauty is a designer and marketer of branded, professional-quality hair brushes and beauty care accessories. According to the company, its flagship detangling brush, the Wet Brush, is the number one hairbrush brand in the professional channel and the fastest-growing hairbrush brand in the consumer retail channel.Other company-owned brand names include Bio Ionic, TxturePro and LuxorPro. JD Beauty was founded in 1977 and is headquartered on Long Island in Hauppauge, NY (www.jdbeauty.com).

ACON Investments acquired Goody, a manufacturer of hair styling tools and accessories, from Newell Brands in August 2018. Goody sells its products through retailers worldwide, including North America, Latin America, Europe and Asia. The company was founded by Henry Goodman in 1907 and originally sold rhinestone-studded hair combs out of a pushcart. Goody was acquired by Newell Brands in 1993. The company is headquartered in Atlanta (www.goody.com).

Jeffrey Davidson, the CEO of JD Beauty, will become the CEO of the combined entities upon closing.  “This transformational acquisition will combine one of the fastest growing companies in the beauty industry with one of the country’s most iconic and trusted beauty brands, Goody,” said Mr. Davidson. “Over the course of our partnership with Topspin Partners, we grew significantly through the launch of several new product lines, expanded distribution capabilities and the completion of strategic add-on acquisitions.  We strongly believe this growth can continue through a partnership with ACON and Goody which will provide us with access to additional resources to build and accelerate our platform.”

“JD Beauty is an exceptional and innovative platform that has redefined the haircare industry,” said Leigh Randall, a managing partner at Topspin. “Over the past three years, Jeffrey and the team have grown the company from its single product beginnings in detangling brushes into a multi-category, multichannel platform.  We are confident that JD Beauty will continue its growth under ACON, and we wish the JD Beauty team the very best in their next chapter.”

ACON invests in middle-market companies in the United States and Latin America. The firm was founded in 1996 and has $5.3 billion of capital under management. ACON has offices in Washington, DC (headquarters); Los Angeles; São Paulo, Brazil; Bogotá, Columbia; and Mexico City, Mexico (www.aconinvestments.com).

“The combination of JD Beauty and Goody creates a formidable supplier within the industry,” said Ken Brotman, founder and managing partner at ACON. “We look forward to working with Jeffrey and the entire JD Beauty and Goody teams to continue a growth trajectory for the integrated company.”

Topspin Partners makes control investments in profitable and established lower middle-market businesses. Sectors of interest include health and wellness, niche consumer, food and beverage, business services and security. The firm is based on Long Island in Roslyn Heights, NY (www.topspinpe.com).

Intrepid Investment Bankers (www.intrepidib.com) was the financial advisor to JD Beauty Co.

Goody’s acquisition of JD Beauty is expected to close by the end of March 2019.

© 2019 Private Equity Professional | March 12, 2019

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