Earlier this week Tengram Capital Partners entered a “significant partnership” with professional curl-focused hair brand, DevaCurl. “The beauty personal care is a core segment for us,” said Rich Gersten, a partner at the firm, adding that Tengram finalized similar deals with Laura Geller and Nest about a year ago. “We are very proactive in our networking of brands across beauty and the Deva brand struck us as a unique asset.”
This story first appeared in the November 22, 2013 issue of WWD. Subscribe Today.
Founded by hair stylists in 2002, DevaCurl, which industry sources estimate is a $50 million business, includes four salon/education concepts in New York and Los Angeles called Devachan, as well as a prestige-positioned product line sold through retailers like Ulta and Sephora.
“This is a business that has potential, because of authenticity, also because its positioned multiculturally, it appeals to a lot of cultural demographics,” said Gersten.
As part of the deal, Tengram has also named hair industry veteran Colin Walsh president of the company. Prior to his appointment Walsh served as general manager for Matrix USA, part of the L’Oréal Professional Products division. “We definitely have opportunity to expand distribution, we do not have full and complete coverage across the U.S. and that’s absolutely a key focus,” said Walsh, who stepped into his new role on Monday. “We have an exciting opportunity in a category that is growing.”