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Published November 13, 2019
Published November 13, 2019

Henkel strengthens its professional haircare portfolio with the acquisition of DevaCurl, the category leader in the fast-growing curly hair segment, from Ares Management.

WHO: Founded by Denis DaSilva and Lorraine Massey in 1994, DevaCurl is a leading professional and prestige haircare brand dedicated to curly hair. DevaCurl’s iconic No-Poo franchise and proprietary DevaCut has grown to a wide range of award-winning curl care products, tools, and services inspired by a loyal curl community. The “Premium Professional” products of DevaCurl are distributed in the US in leading salons. They are also available at selective retailers like Ulta and Sephora as well as through direct-to-consumer (D2C) and eCommerce platforms.

Founded in 1876, Henkel operates worldwide with leading innovations, brands, and technologies in three business areas: laundry and home care, adhesive technologies, and beauty. Henkel operates globally with a well-balanced and diversified portfolio. In 2018, Henkel reported sales of around 20 billion euros and adjusted operating profit of around 3.5 billion euros. Henkel employs around 53,000 people globally.

Ares Management Corporation is a leading global alternative investment manager operating three integrated businesses across Credit, Private Equity, and Real Estate. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management’s global platform had $144 billion of assets under management as of September 30, 2019, and employs approximately 1,200 employees in over 20 offices across four continents.

WHY: The portfolio of DevaCurl is highly complementary to the existing portfolio of Henkel Beauty Care while strengthening their professional haircare portfolio with the category leader in the fast-growing curly hair segment.

IN THEIR OWN WORDS: “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,” Henkel CEO Hans Van Bylen said in a statement.

“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,” Jens-Martin Schwärzler, Executive Vice President responsible for Henkel’s Beauty Care business, said.

“We are grateful for the opportunity to have partnered with DevaCurl’s outstanding management team,” said Dennis Gies, Partner in the Private Equity Group of Ares Management. “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.”


  • In 2019, the business is expected to generate sales of around $100 million, primarily in the US market.
  • The company employs around 200 people.
  • According to Tribe Dynamics, DevaCurl’s yearly EMV totals are not only promising, but indicative of a solid and sustainable standing in the haircare space. DevaCurl collected $16.3MM EMV in 2018, a 34% growth from the brand’s 2017 EMV total. From January to October 2019, the brand accrued $14.9MM EMV, which represented an 11% year-over-year increase.
  • DevaCurl’s 2019 earned media performance suggests that the brand will fit in well with Henkel’s strong portfolio of haircare brands: from January to October 2019, Pravana saw a 10% YoY EMV boost with $20.0MM EMV, Sexy Hair enjoyed a 23% YoY surge with $14.2MM EMV, and Schwarzkopf netted $11.0MM EMV, a 14% YoY growth.
  • In May 2017 Ares Management acquired DevaCurl from Tengram Capital Partners for $250 million and $300 million, according to WWD. DevaCurl was estimated to do at least $65 million in net sales for 2017.
  • Tengram invested in DevaCurl in 2013.
  • Financo advised DevaCurl on the transaction.

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