Coty Buys Hair Straightener Maker Ghd
October 17 2016 - 10:00AM
Dow Jones News
Coty Inc. said it would buy hairstyle appliance maker Ghd for
about £ 420 million (about $510 million) as the beauty company
continues to grow through deals.
Ghd, which stands for "Good Hair Day," sells professional-grade
hair straighteners, hairdryers and curlers, and made £ 178 million
in revenue this year. Coty is buying Ghd from London-based
private-equity firm Lion Capital, and the deal is expected to close
by year's end.
Coty shares rose 1.6% in premarket trading.
Ghd has been working to expand from its core salon business and
into premium retail and online sales.
"Not only do we expect Ghd to strengthen our professional hair
portfolio and enable Coty to provide even better hair solutions,
but we also believe there is strong growth potential for Ghd across
several markets," Coty Chief Executive Camillo Pane said.
This month Coty closed its roughly $13 billion deal for Procter
& Gamble Co.'s beauty and perfume portfolio.
In February Coty expanded its presence in Brazil by buying the
personal care and beauty business of Hypermarcas SA for about $1
billion.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
October 17, 2016 09:45 ET (13:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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