Hair tool and accessory company Goody Products is merging with JD Beauty, owner of hair brands Wet Brush, Bio Ionic and Ouidad.
ACON Investments, the private equity firm that owns Goody, has signed an agreement to buy a controlling interest in JD Beauty from private equity firm Topspin Partners II, and will combine both businesses.
Jeffrey Davidson, chief executive officer of JD Beauty, will become ceo of the combined entities.
JD Beauty is a New York-based beauty platform that manufactures and markets brands. Its Wet Brush brand makes mass market hair brushes, including the popular Wet Brush Original Detangler, which comes in a variety of colors and patterns and retails for $11.99 at stores such as Ulta Beauty, Target, Amazon and Sally Beauty. Bio Ionic is a hot tools brand that sells hair dryers and styling irons in the $100 to $200 price range — its tools are infused with a proprietary mineral complex said to make hair more moisturized and smooth. Ouidad was one of the original companies dedicated to curl care — its products are in the prestige price range and are sold at Ulta Beauty, Dermstore and Amazon.
Terms of the deal were not disclosed. The transaction is expected to close late this month.
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The merger is just the latest deal in the hair world. JD Beauty acquired Ouidad in August, which followed Kao’s 2017 acquisition of Oribe from Luxury Brand Partners. Also in 2017, Ares Management acquired DevaCurl from Tengram Capital for what was said to be $260 million.
Hair is the fastest-growing category in the U.S. prestige beauty market, with sales up 25 percent last year, according to The NPD Group.