Ares to Sell DevaCurl to Henkel

Ares Management has agreed to sell Deva Holdings, the parent company of DevaCurl, a professional haircare brand dedicated to curly hair, to Henkel AG. Ares acquired DevaCurl from Tengram Capital Partners in May 2017.

DevaCurl offers a complete line of 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 retailers such as ULTA and Sephora as well as through direct-to-consumer and eCommerce platforms.

DevaCurl, led by CEO Robert Schaeffler (who worked at Henkel from 2006 to 2018), was founded by Denis DaSilva and Lorraine Massey in 1994 and is headquartered in New York. In 2019, DevaCurl is expected to have revenues of approximately $100 million, mainly in the US market.

“We are grateful for the opportunity to have partnered with DevaCurl’s outstanding management team,” said Dennis Gies, a partner in the private equity group of Ares Management. “We are proud to have supported the company during its significant growth over the past two and a half years and are delighted that they found the right partner in Henkel to support the company in the years ahead.”

Henkel AG is a Düsseldorf, Germany-headquartered multinational company with operations in the adhesives, beauty care, laundry, and home care sectors. The company’s portfolio of consumer and industrial brands includes Schwarzkopf hair care, Dial soaps, Right Guard antiperspirants, Persil, Purex and All laundry detergents, Snuggle fabric softeners, and Loctite, Technomelt and Bonderite adhesives. Henkel’s North American operations, with annual revenues of about $6 billion, is headquartered in Rocky Hill, CT.

According to Henkel, the product portfolio of DevaCurl is highly complementary to the existing portfolio of Henkel’s beauty care business. “DevaCurl is one of the fastest-growing ‘Premium Professional’ hair care brands in the US. 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,” said Jens-Martin Schwärzler, executive vice president and the head of Henkel’s beauty care business.

Ares Management (NYSE: ARES) has approximately $130 billion of 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 $23 billion of assets and is currently investing its fifth private equity fund with $7.8 billion of committed capital.  Ares is headquartered in Los Angeles with offices across the United States, Europe, Asia and Australia.

© 2019 Private Equity Professional | November 13, 2019

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