Samy Haircare has been bought by Japanese beauty firm Hoyu Co. Ltd. Terms of the all-cash deal were not disclosed, however, Sam's executive team will stay in place, including chief executive officer Sam Maniaci and hairstylist and company founder Samy. The company's headquarters will continue to operate out of Tampa, Fla.
Hoyu, a Nagoya, Japan-based company with more than $500 million in sales and about 42 percent of the Japanese hair color market, ultimately looks to enter U.S. retail shelves with a hair color offering in the next year. Samy, a $50 million hair care company with a salon in Miami, sells hair care products in chains such as Target, Walgreens and CVS. The deal looks to benefit both companies, as Samy provides entrée into the U.S. retail realm and Hoyu offers global distribution opportunities for Samy. It is also likely, said Maniaci, that the Samy brand will appear on hair color packages.
Samy originated on HSN about eight years ago, and five years ago entered retail with the support of private equity firm Hispania Capital Partners.
Hispania, Maniaci said, helped Samy get to the next level but the firm need a true beauty backer to serve as a strategic partner for future growth.
Hoyu, explained Maniaci, has been in operation since 1905 and is a third-generation, privately owned family business. The firm's sales are made up of about 90 percent hair color, which is sold both in salons and drugstores. "They are like what L'Oréal is to the U.S.," Maniaci said.
Future plans include building a research and development facility at Samy's Tampa headquarters and to supplement the R&D team there.
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