Global private equity investor, Advent International (‘Advent’), has announced that it has agreed to acquire Olaplex, a prestige and professional hair care brand.
Financial details of the transaction were not disclosed.
Olaplex was founded in 2014 by beauty industry veterans Dean and Darcy Christal, who commercialised a revolutionary, patented technology that protects and repairs hair from damage. Word of ‘The Power of Olaplex’ spread among hair stylists, and the brand quickly became a global sensation, paving the way for a completely new category of hair care called ‘bond-building’. In just five years, in part because of the overwhelming support from the brand’s loyal stylist and advocate base, the company has emerged as one of the largest independent hair care brands in the world.
Ranked as one of the highest engagement hair care brands on social media platforms, Olaplex offers a combination of products exclusive to salons and products available through both the professional and retail channels.
“Damaged hair is a universal problem. Having grown up in the beauty business, I was inspired to disrupt the hair care industry by developing a technology that protects hair from damage,” said Dean Christal. “With Advent’s shared vision and deep experience in supporting high-growth businesses, we look forward to enhancing our company’s strong customer loyalty globally and across channels and realising our ambitious growth plan.”
Tricia Glynn, a managing director at Advent, added: “Olaplex has differentiated itself by offering superior products backed by patents. It is rare that we see brands of this size growing so rapidly and with such a passionate consumer base. We believe the company has significant runway for growth by increasing its brand awareness globally, broadening its product line of innovative ‘hero’ products, and further developing its ability to speak and sell to consumers directly.”
“I’m proud of the success Olaplex has achieved to date,” said Tiffany Walden, Chief Operating Officer of Olaplex. “We are excited to work with Advent to build on our foundation and continue to provide our customers with the highest quality products.”
Advent has significant investment experience in the retail, consumer and leisure industry globally. In the past 29 years, the firm has invested more than $11 billion in over 75 companies across subsectors such as beauty and personal care, differentiated brands, growth-oriented food and beverage, and fast-casual and quick-service restaurants.
Financo served as exclusive financial advisor to Olaplex on the transaction, and Goldman Sachs & Co. LLC served as exclusive financial advisor to Advent International. (Source: https://www.adventinternational.com)