LOS ANGELES--(BUSINESS WIRE)--
Ares Management, L.P. (“Ares”) (NYSE:ARES) announced today that a fund
managed by its Private Equity Group has signed a definitive agreement to
acquire Deva Holdings, Inc., the parent company of DevaCurl, a leading
professional and prestige hair care brand dedicated to curly hair, from
an investment fund affiliated with Tengram Capital Partners and the
company’s other shareholders.
Founded by Denis DaSilva and Lorraine Massey in 1994, DevaCurl offers a
complete line of sulfate, silicone and paraben-free cleansers,
conditioners, styling products and treatments specifically formulated
for consumers with curly, super curly and wavy hair. As the creator of
the No-PooTM cleanser, DevaCurl is the industry leader and
product innovator for the category. DevaCurl has been able to achieve
and maintain a high level of brand authenticity and attract a broad,
multi-cultural, and digitally-savvy community of “curly girls” by
educating consumers and stylists about how to satisfy their hair's
unique needs. DevaCurl serves its customers and stylists through
professional salon distributors, prestige retail partners, its flagship
Devachan salon in New York City, and online at www.devacurl.com.
“We are excited to partner with the talented DevaCurl team as long-term
investors in the company,” said Dennis Gies, Partner in the Private
Equity Group of Ares Management. “DevaCurl is the category leader and
brand authority in curly hair, with a long legacy of product innovation
and an impressive track record of growth.”
“This investment exemplifies our strategy of partnering with
best-in-class management teams that have distinguished products and
leadership positions in their industries,” said David Kaplan, Co-Founder
and Partner of Ares Management and Co-Head of the Ares Private Equity
Group. “We look forward to supporting the company in its next phase of
growth.”
“Tengram has played a vital role in growing DevaCurl for the past three
years – and we thank them for a very successful partnership,” said Colin
Walsh, CEO of DevaCurl. “Ares shares our vision for growth and we
believe that together, we can fully capitalize on the significant
opportunities in front of us. We are very excited to take the next step
and further our position as a market leader in the haircare industry.”
“We are very proud to have been part of the growth of the brand of
DevaCurl,” said Matthew Eby, Managing Partner at Tengram Capital
Partners. “Colin and the team at DevaCurl have built an amazing brand on
the foundation of unique, innovative products and an incredibly loyal
and engaged consumer.”
Jefferies LLC acted as financial advisor and Morgan, Lewis & Bockius LLP
acted as legal advisor to Ares. Financo acted as financial advisor and
Morrison Cohen LLP acted as legal advisor to DevaCurl.
About DevaCurl
DevaCurl is a leading professional and prestige hair care brand
dedicated to curly hair. The company is committed to satisfying all
their curly client needs and developing innovative products and services
including the DevaCurl curl care collection, Deva Cut and Pintura
highlighting technique to support a curly lifestyle. The DevaCurl
collection of curl care products originated with thousands of
enthusiastic curly clients at the Devachan Salons in New York City, and
today, serves its customers and stylists through professional salon
distributors, prestige retail partners and online at devacurl.com. The
innovative curl care collection of sulfate, silicone and paraben-free
conditioning cleansers, styling and finishing products address curly
hair's specific needs using healthy oils and botanical extracts that
cleanse, hydrate, define natural texture, and lock-in moisture. Learn
more at www.devacurl.com.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $100 billion of assets under management
as of March 31, 2017, and more than 15 offices in the United States,
Europe and Asia. Since its inception in 1997, Ares has adhered to a
disciplined investment philosophy that focuses on delivering strong
risk-adjusted investment returns throughout market cycles. Ares believes
each of its three distinct but complementary investment groups in
Credit, Private Equity and Real Estate is a market leader based on
assets under management and investment performance. Ares was built upon
the fundamental principle that each group benefits from being part of
the greater whole. For more information, visit www.aresmgmt.com.
About Tengram Capital Partners
Tengram Capital Partners is a private equity firm that focuses
exclusively on leading middle-market consumer and retail companies that
own strong recognizable brands. The team has a diverse background of
consumer investing and operating expertise that assists and guides
company management to unlock the true potential of their brand. Tengram
invests in both traditional "growth" and "restructuring/turnaround"
situations in either the public or private sectors. Previous and current
investments for Tengram include EarthTreks, Algenist, Cos Bar,
Differential Brands Group, This Works, Zanella, Luciano Barbera, Tommie
Copper, Active Ride Shop, DevaCurl, Laura Geller Beauty, NEST
Fragrances, Sequential Brands Group and Robert Graham. Additional
information can be found at: http://www.tengramcapital.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170518005984/en/
For Ares Management:
Media:
Mendel Communications
Bill
Mendel, 212-397-1030
[email protected]
or
Investors:
Carl
Drake, 800-340-6497
[email protected]
or
Priscila
Roney, 212-808-1185
[email protected]
Source: Ares Management, L.P.
