Denis DaSilva and Lorraine Massey founded DevaCurl in 1994. The full product line for what the brand describes as “curly, super curly, and wavy hair,” are in-line with today’s made-without formulation trend, which has come about in response to consumer health concerns. DevaCurls’s collection of hair cleansers, conditioners, styling products, and hair treatments are all made without sulfates, silicones, or parabens.
Bought and sold
This month, the asset management firm Ares Management announced having signed an agreement to acquire Deva Holdings. Deva Holdings is, of course, the parent company of DevaCurl and was previously owned by a Tengram Capital Partners fund and various shareholders.
According to a press release about the acquisition, DevaCurl worked with advisors from Financo and Morrison Cohen, while Ares worked with Jefferies and with Morgan, Lewis & Bockius.
“This investment exemplifies our strategy of partnering with best-in-class management teams that have distinguished products and leadership positions in their industries,” David Kaplan, co-founder and partner of Ares Management and co-head of the Ares Private Equity Group, says in the release. “We look forward to supporting the company in its next phase of growth.”
History of growth
Having partnered with Tengram in the past, DevaCurl knows what an investment like this can mean for the brand’s strategy and growth.
“Tengram has played a vital role in growing DevaCurl for the past three years,” acknowledges Colin Walsh, CEO of DevaCurl, adding “we thank them for a very successful partnership.”
“Ares shares our vision for growth and we believe that together, we can fully capitalize on the significant opportunities in front of us,” Walsh tells the press. “We are very excited to take the next step and further our position as a market leader in the haircare industry.”
It seems to have been a good run for Tengram too: “We are very proud to have been part of the growth of the brand of DevaCurl,” Matthew Eby, managing partner at Tengram Capital Partners, is quoted as saying in the release. He adds that “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.”