DevaCurl is getting a new owner. The haircare brand created specifically for natural curls is set to be acquired by Henkel. The brand announced the news Monday, staying that Deva Parent Holdings will be purchased via a fund managed by the Private Equity Group of Ares Management Corporation.
“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 responsible for Henkel’s Beauty Care business.
The brand’s vegan and free-from cleansers, conditioners, styling products, styling accessories, and treatments. will become part of Henkel Beauty Care’s current portfolio, which includes such brands as Schwarzkopf’s got2b and Dial soaps.
“This acquisition is part of our strategy to expand our position in attractive and fast-growing markets and categories. It will complement and further strengthen our Hair Professional business,” said Henkel CEO Hans Van Bylen.
DevaCurl, which employs approximately 200 people, is expected to generate sales of around $100 million in 2019.
“We are grateful for the opportunity to have partnered with DevaCurl’s outstanding management team,” said Dennis Gies, 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.” The agreement is subject to customary closing conditions, including regulatory approvals.