Ares Management to Acquire DevaCurl from Tengram Capital Partners
May 18 2017 - 12:00PM
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170518005984/en/
For Ares Management:Media:Mendel CommunicationsBill Mendel,
212-397-1030bill@mendelcommunications.comorInvestors:Carl Drake,
800-340-6497cdrake@aresmgmt.comorPriscila Roney,
212-808-1185proney@aresmgmt.com
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