Henkel to acquire US hair care brand DevaCurl from Ares Management

German chemical and consumer goods company Henkel has agreed to acquire US-based Deva Parent Holdings, which owns hair care business DevaCurl, from a fund managed by the Private Equity Group of Ares Management for an undisclosed price.

DevaCurl offers a comprehensive portfolio of premium hair care and styling products, including vegan and ‘free from’ formulas, for all types of curly and wavy hair.

The company’s product range includes conditioners, cleansers, styling products and accessories, as well as treatments.

Henkel said that the product portfolio of DevaCurl is complementary to the portfolio of Henkel Beauty Care.

Henkel Beauty Care executive vice-president Jens-Martin Schwärzler said: “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.”

DevaCurl’s ‘Premium Professional’ products are available in leading salons in the US. The products are also available at retailers such as Ulta and Sephora in addition to direct-to-consumer (D2C) and eCommerce platforms.

DevaCurl is expected to generate sales of around $100m in 2019, mainly in the US market.

Henkel CEO Hans Van Bylen said: “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.”

The transaction is subject to customary closing conditions, including regulatory approvals.

Private Equity Group partner Dennis Gies said: “We are grateful for the opportunity to have partnered with DevaCurl’s outstanding management team. 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.”

Ares Management is an alternative investment manager that operates three integrated businesses across credit, private equity and real estate.