Salt Lake City-based Beauty Industry Group (BIG), a distributor of professionally installed and do-it-yourself hair extension products, has announced that it has entered into an agreement under which L Catterton, a global consumer-focused private equity firm, will acquire a majority stake in the company. BIG’s existing shareholders, including HGGC, CEO Derrick Porter and the company’s management team, will reinvest along with L Catterton and continue to own a significant minority stake in the company going forward.
Terms of the transaction were not disclosed.
Founded in 2004, Beauty Industry Group has grown to become the leading platform in the rapidly growing hair extensions category, offering a portfolio of 13 brands, including Halocouture, Donna Bella Hair, Beauty Works, Hairtalk and Luxy. Through its multi-channel direct-to-stylist, direct-to-consumer and professional distribution network, BIG currently serves a global customer base reaching more than 100,000 hair salons and stylists, and millions of consumers across 165 countries worldwide.
Following the close of the transaction, the BIG will continue to be headquartered in Salt Lake City and led by Porter and the current management team.
“The hair extension category is one of the largest, fastest-growing and most underserved spaces in the hair care category. Consumers of all ages and demographics are increasingly turning to hair extensions for fuller, thicker and longer hair in their everyday lives,” said Avik Pramanik, a partner at L Catterton. “Derrick and the BIG team have established the company as the premier provider of hair extension services and products for consumers and stylists alike. In addition, BIG has established itself as the partner-of-choice for leading brands and innovators in this emerging category. We share a long-term vision with the BIG team and HGGC, and we look forward to working together to capitalize on new opportunities for long-term, sustainable growth while continuing to deliver the highest-quality products to more consumers, stylists and salons around the world.”
“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 Porter. “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.”
L Catterton manages approximately $30 billion of equity capital across its fund strategies and 17 offices and 200 investment and operating professionals around the world. Since 1989, the firm has made over 250 investments in leading consumer brands.