L Catterton, a global consumer-focused private equity firm, has agreed to acquire a majority stake in Beauty Industry Group, a provider of professionally-installed and DIY hair extension products. BIG’s existing shareholders, including HGGC, CEO Derrick Porter, and the company’s management team, will reinvest alongside L Catterton and continue to own a significant minority stake in the Company going forward. Terms of the transaction were not disclosed.
“The hair extension category is one of the largest, fastest growing, and most underserved spaces in the hair care category. Consumers of all ages and demographics are increasingly turning to hair extensions for fuller, thicker, and longer hair in their everyday lives,” said Avik Pramanik, partner at L Catterton. “Derrick and the BIG team have established the company as the premier provider of hair extension services and products for consumers and stylists alike. In addition, BIG has established itself as the partner-of-choice for leading brands and innovators in this emerging category. We share a long-term vision with the BIG team and HGGC, and we look forward to working together to capitalize on new opportunities for long-term, sustainable growth while continuing to deliver the highest quality products to more consumers, stylists, and salons around the world.”
“We are thrilled to partner with L Catterton to build on our momentum and continue to expand our market leadership within the beauty space,” said Porter. “With more and more consumers around the world prioritizing hair extensions over any other beauty service, L Catterton’s brand building expertise, operational know-how, and global resources will allow us to enhance our world class supply chain further, and reach more consumers who rely on high quality hair extensions every day. With the support of HGGC over these last several years, we have developed a premier portfolio of leading brands, and we could not be more excited about our Company’s future with this partnership.”
“Having worked alongside Derrick and the entire BIG team for the last three years as the Company has grown its portfolio, entered the DTC channel, and expanded into multiple new geographic markets, including Germany, the United Kingdom, and Australia, we could not be more confident that this partnership with L Catterton will allow the Company to capitalize on several exciting organic growth and acquisition opportunities,” said Steven Leistner, partner at HGGC. “We look forward to continuing our great relationship with Derrick and the management team as we support BIG through its next phase of growth.”