Beauty Industry Group (BIG), an industry leader in professionally installed and DIY hair extension products, has entered into a definitive agreement under which L Catterton, the largest global consumer-focused private equity firm, will acquire a majority stake in the company. BIG's existing shareholders, including HGGC, CEO Derrick Porter, and BIG's management team, will reinvest alongside L Catterton and continue to own a significant minority stake.
Founded in 2004, Beauty Industry Group has grown rapidly in the global hair extensions category, with brands that include HALOCOUTURE, Donna Bella Hair, Beauty Works, Hairtalk, and Luxy. BIG's global customer base reaches more than 100,000 hair salons and stylists, along with millions of consumers across 165 countries. The company will continue to be headquartered in Salt Lake City, Utah and led by CEO Derrick 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," says Avik Pramanik, Partner at L Catterton. "Consumers of all ages and demographics are increasingly turning to hair extensions for fuller, thicker, and longer hair in their everyday lives. 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."
Porter says this move aligns with a plan for growth. "We are thrilled to partner with L Catterton to build on our momentum and continue to expand our market leadership within the beauty space," he states. "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 past 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."
Steven Leistner, Partner at HGGC, adds, "Having worked alongside Derrick and the entire BIG team for the past three years as the company has grown its portfolio, entered the DTC channel, and expanded into multiple new geographic markets, including Germany, the United Kingdom, and Australia, we could not be more confident that this partnership with L Catterton will allow the company to capitalize on several exciting organic growth and acquisition opportunities. We look forward to continuing our great relationship with Derrick and the management team as we support BIG through its next phase of growth."
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