Beauty Industry Group Announces New Investor
Beauty Industry Group, the industry leader for professionally-installed and DIY hair extension products has announced they have entered into a definitive agreement under which L Catterton, the largest global consumer-focused private equity firm, will acquire a majority stake in Beauty Industry Group.
The company is made of 13 market-leading hair extension brands including HALOCOUTURE, Donna Bella Hair, Hotheads, Beauty Works, Hairtalk, and Lux and shares that their existing shareholders including HGGC, CEO Derrick Porter and Beauty Industry Group’s management team will reinvest alongside L Catterton and continue to own a significant minority stake in the company going forward.
Through its unique multi-channel direct-to-stylist (DTS), direct-to-consumer (DTC), and professional distribution network, Beauty Industry Group currently serves a global customer base reaching more than 100,000 hair salons and stylists along with millions of consumers across 165 countries worldwide. Following the close of the transaction, Beauty Industry Group will continue to be headquartered in Salt Lake City, Utah and led by Chief Executive Officer Derrick Porter and the current management team.
“We are thrilled to partner with L Catterton to build on our momentum and continue to expand our market leadership within the beauty space,” said Derrick Porter, Chief Executive Officer of Beauty Industry Group. “With more and more consumers around the world prioritizing hair extensions over any other beauty service, L Catterton’s brand building expertise, operational know-how, and global resources will allow us to enhance our world class supply chain further and reach more consumers who rely on high quality hair extensions every day. With the support of HGGC over these last several years, we have developed a premier portfolio of leading brands, and we could not be more excited about our Company’s future with this partnership.”
L Catterton is known to have significant experience investing globally in differentiated consumer brands including those in the beauty and haircare industry. Current and past investments from the company include Intercos, Marubi, The Honest Company, Elemis, Function of Beauty, Bliss, Il Makiage, Frederic Fekkai, Nutrafol, and Tula.