Private equity company North Castle sells the gloProfessional brand

By Simon Pitman

- Last updated on GMT

Related tags Swander pace capital Cosmetics Brand

North Castle Partners has sold on the gloProfessional brand to another private equity company after achieving its object to strengthen the brand, giving it a significant return on its investment.

Caleel + Hayden Holdings, which is the holding company for the brand, has now been sold on to Swander Pace Capital, with Wells Fargo Securities acting as advisors to the deal.

Although terms and conditions, as well as the cost of the transaction were not revealed, the new owner has confirmed that Mark Hayden, founder and CEO, and Sean Butler, president, will continue to serve in their positions at Caleel + Hayden.

Professional hair, skin and color cosmetics

“We are pleased that management has found strong partners in Swander Pace Capital to help lead the company through its next chapter,” said​ Jon Canarick, North Castle managing director.

gloProfessional is a developer and marketer of mineral-based cosmetics under the glominerals brand, while also marketing premium skin care products under the glotheraputics brand name and hair care hair care products under the gloessentials brand name.

The products are distributed in the professional channel, by cosmetic surgeons and aestheticians, as well as spas and salons, both in the United States and internationally.

Transformation to define glo brands

“During North Castle’s ownership, glo has been transformed from a distributor with only half of its sales being generated from proprietary brands to a company that realizes virtually all revenue from its suite of glo brands,”​ Canarick said.

North Castle has made significant investments in the personal care category in recent years, and forms part of what Canarick refers to as ‘another strong partnership’ within this particular area.

North Castle is the owner of Red Door Holdings, a professional spa and beauty business in which cosmetic giant Elizabeth Arden became a minority investor in September of last year.

North Castle's footprint in personal care

The aim of the investment partnership is to leverage the deal to drive both Elizabeth Arden product sales and the Red Door Spa business, throughout the United States.

North Castle also further expanded its footprint in the personal care area in May of last year when it announced an investment in the Palladio Beauty Group.

Florida-based Palladio Beauty is a marketer of premium color cosmetics and skincare products sold in the beauty supply and professional beauty channels, both nationwide and overseas.

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