Firelight is the New Scissor King
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Firelight is the New Scissor King

The acquisition of Fromm is Firelight’s first investment in the beauty industry and its fourth platform investment

Fromm is a manufacturer and distributor of shears, salon apparel, hair accessories, brushes, combs, foil, gloves and towels used by both professionals and consumers.

SOURCE: Fromm International

Firelight Capital Partners has acquired Fromm International, a provider of beauty tools, from the founding Simon-Johnson family.

Fromm is a manufacturer and distributor of shears, salon apparel, hair accessories, brushes, combs, foil, gloves and towels used by both professionals and consumers. Company-owned brands include Fromm Pro, The Hair Edit, and Diane. Fromm sells its products through thousands of points of distribution throughout North America and Western Europe, including at all Ulta Beauty stores. In addition to its beauty products, Fromm is one of the largest suppliers of education kits to beauty schools throughout the United States and Canada.

Source: Fromm International

Fromm was founded in 1907 as the Illinois Razor Strop Company by James Simon, selling razor strops to barbers. In 1960, the company introduced the Clipper-Mate Hard Rubber Comb – its first non-cutlery related product. In 1968 the company began a series of acquisitions with the buys of Fromm Cutlery, a maker of shears in 1968; Andre Fantasies, a provider of salon apparel including masks and aprons, in 1992; Mebco Combs in 2000; and Diane Products, a provider of bobby pins and  hair clips, in 2003. The company changed its name to Fromm International in 1984 and today is headquartered near Chicago in Mt. Prospect, Illinois.

Fromm’s current owners, Julie Simon Johnson and Kevin Johnson, will continue to own a portion of the company in partnership with Firelight. Kevin Barrett, the current president of Fromm, will remain with the company as its president but will begin transitioning leadership of day-to-day operations to Martin Okner, who was named as Fromm’s chief executive officer on January 2nd. Mr. Barrett has been with Fromm since 1989 when he joined the business as a vice president from Helene Curtis. “I am excited to see how the new ownership and leadership will build on Fromm’s already impressive history of growth,” said Mr. Barrett.

Source: Fromm International

Mr. Okner is the past president and chief operating officer of New York City-based dpHUE, a provider of hair color, shampoos, conditioners, and other hair care products. Earlier in his career he worked in various leadership positions at Revlon, Cadbury and Altria.

“I am honored to lead Fromm into this new chapter,” said Mr. Okner. “With the company’s strong foundation and support of Firelight Capital Partners, we will continue to deliver exceptional products and services to our customers and will continue to realize new opportunities for growth and expansion through retail distribution and acquisitions.”

“We see tremendous potential in Fromm’s brands and are excited to build upon its more than 100-year legacy of success,” said Pat Collins, the managing partner of Firelight. “We are extremely proud of what the Fromm team has accomplished and are excited to see what the future holds. We believe the organization will continue to thrive and grow under the new leadership.”

“The acquisition of Fromm deepens our commitment to investing in consumer businesses with strong growth potential, and we believe that under the leadership of Martin Okner, Fromm will continue to thrive and innovate in the beauty industry,” said Rick Perkal, a managing partner and CEO of Firelight.

Firelight makes majority or minority investments of $10 million to $25 million in North American-based lower middle market companies that have revenue of $25 million to $100 million and EBITDA of $2 million to $15 million. Specific sectors of interest include apparel and accessories; health and wellness; beauty and personal care; food and beverage; footwear; and pets.

Firelight’s investment strategy includes pursuing operating improvements at its portfolio companies specifically in the areas of digital acceleration, channel expansion and brand strategy. The firm maintains an investment partnership with Yard NYC, a New York City-based consumer-focused brand and marketing strategy agency.

The buy of Fromm is Firelight’s first investment in the beauty industry and its fourth platform investment.

The firm’s three earlier platforms include Hobo, a Maryland-based designer and producer of branded leather handbags and accessories sold in the affordable luxury category, in 2019; Chalk Couture, a Utah-based provider of crafting products including transfers, surfaces, chalk pastes, and accessories, in 2020; and Three Dog Bakery, a Missouri-based manufacturer, marketer, and distributor of dog treats and food. Three Dog Bakery was acquired in 2020 and sold to Topspin Consumer Partners in 2023.

Fort Lauderdale-headquartered Firelight was founded in 2015 by Rick Perkal, a former senior managing director at Irving Place Capital, and Pat Collins, previously a partner at JH Partners.

© 2024 Private Equity Professional | January 12, 2024

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