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Bansk Group to Acquire a Majority Stake in Amika and Eva NYC

May 13, 2022
May 13, 2022
Amika

Bansk Group, a consumer-focused private investment, entered into a definitive agreement to acquire a majority stake in Amika and Eva NYC, two of the fastest-growing scaled independent haircare brands in the US.

WHO: Founded in 2009, Amika is one of the largest independent haircare brands in the US, and the only one of scale at the intersection of professional, prestige, and digital channels. Brooklyn born and salon raised, Amika's unwavering commitment to professional-quality products has guided the development of a clean and highly effective portfolio of haircare products and tools. Later this year, Amika will receive the highly regarded Clean at Sephora seal across its entire Sephora assortment, joining as only the third professional haircare brand to qualify. Amika's products range in price from $14 to $150 for tools.

Founded in 2012, Eva NYC has become one of the fastest-growing masstige haircare brands in the US. The brand is committed to delivering high-quality products with proven results at accessible price points, and is the only masstige brand with an aluminum packaging portfolio that is 100 percent recyclable, certified cruelty-free, vegan, non-GMO, and free of harmful ingredients. Eva NYC has been recognized by its partners for its unrelenting focus on sustainability and has achieved all five pillars of Ulta's Conscious Beauty accreditation as well as Target Zero accreditations. Eva NYC is also the first hair brand to implement a styling tool recycling program with TerraCycle. Eva NYC's products are priced between $9.99 to $64.99 for tools.

Founded in 2019, Bansk Group is a New York-based private investment firm focused on investing in and building distinctive consumer brands. With over $2 billion in assets under management, the firm partners with differentiated brands across four primary consumer categories: beauty & personal care, consumer health, food & beverage, and household products. Amika and Eva NYC will be the firm's second and third acquisitions in the beauty category, following the firm's 2020 acquisition of Ethique, a mission-driven, B-Corp-certified brand offering a comprehensive range of waterless, plastic-free beauty and personal care products.

WHY: In partnership with Bansk Group, the brands will seek to expand their reach across customers, channels, and geographies, while continuing to be industry leaders in sustainability, efficacy, and innovation.

IN THEIR OWN WORDS: "We are excited to partner with brands that share our vision for the future of the beauty and haircare industry," said Chris Kelly, Partner at Bansk Group. "Consumer interest in high-quality haircare has accelerated in recent years, following the premiumization trends we have seen in other beauty and personal care categories. Today's haircare consumers are increasingly passionate and educated about the quality of the haircare products they use—and how those products are formulated—driving exciting growth opportunities in prestige and masstige hair. Both Amika and Eva NYC have built distinctive brands founded on proven efficacy, sustainability, and inclusivity, and are leaders in driving and celebrating innovation and diversity—well positioning them to capture this growth."

"We are thrilled to join forces with Bansk to build on our momentum and accelerate the reach of our mission of friend to hair, hairstylist, people, and the planet in North America and international markets," said Chelsea Riggs, Amika Brand President. "Since inception, Amika has pushed the boundaries of beauty to create the very best products that are also accessible, responsible, and beloved by both professionals and consumers. We are confident that the brand will continue to excel with Bansk's support and guidance."

"Today's announcement is a testament to our steadfast commitment to creating a high-quality product and sustainability-focused brand that our consumers love," said Jane Moran, Eva NYC Brand President. "We look forward to our new partnership with Bansk and leveraging their expertise to take Eva NYC to new heights."

DETAILS:

  • Bansk Group to acquire a majority stake in Amika and Eva NYC. The terms of the transaction were not disclosed, but this marks the business's first outside investment. 
  • WWD reported industry sources estimate the brands are expected to reach a combined $150 million in sales in 2022.
  • Upon the close of the transaction, Amika and Eva NYC will continue to operate as individual brands under their respective brand presidents, Chelsea Riggs and Jane Moran.
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