Coty Inc. said Monday that it has reached a definitive agreement to acquire GHD, the high-end hair styling appliances brand, from Lion Capital LLP, for about 420 million pounds, or $510.1 million at current exchange.

The deal is to be funded by cash and available debt facilities. Coty said that on the acquisition’s closing, it will be immediately accretive to earnings.

The addition of GHD’s hair straighteners, hair dryers, curlers and other hair styling applications is expected to further strengthen Coty’s leading position in the professional hair category, it said.

GHD, which stands for Good Hair Day, generated sales of 178 million euros, or $216.3 million, in fiscal year 2016. The company is based in London and has commercial operations in the U.K., Australia, the U.S., Germany, France, Spain, Italy and other markets.

“The company has been expanding from its core salon channel into premium retail and e-commerce,” Coty said.

GHD will become part of the Coty Professional Beauty division and managed as a freestanding activity headed up by its current chief executive officer Anthony Davey and management team. Davey will report to Sylvie Moreau, president of Coty Professional Beauty.

Coty’s salon hair activity ranks second worldwide. Its Professional Beauty business already includes hair care and color brands such as Wella Professionals, System Professional, Sebastian Professional and Clairol Professional.

GHD was founded in 2001 with the launch of its first styler that could be used in salons or at home. It subsequently introduced a professional range of brushes, styling products and its first hairdryer, GHD Air.

GHD recently made a showing backstage at Victoria Secret’s spring show in New York, where Guido Palau used its Elite blow dryer.

As reported, in July Coty revealed that it had inked a definitive agreement to acquire 43 of P&G’s beauty brands — which included fine fragrance, makeup, salon professional and hair coloring plus certain styling labels — in a deal worth $12.5 billion. At that time, Coty was the 12th-largest beauty player in the world. The company now places in the number-three slot.

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