Courtney Adeleye founded The Mane Choice in 2013 and in the intervening years has grown the business into a multimillion-dollar venture. And one that has been an acquisition target in the beauty industry much of that time.
Today, The Mane Choice product portfolio comprises some 15 different hair care product lines and over 100 SKUs, including Healthy Hair Vitamins for women, Healthy Hair and Beard Vitamins for men, gummy vitamins for kids, and more.
MAV Beauty Brands acquires The Mane Choice
During a Q3 fiscal call this week, Marc Anthony Venere, founder and CEO of MAV, announced the acquisition saying, “Building on the solid foundation we have established, we are excited to add a growing and authentic consumer-driven brand to the portfolio – The Mane Choice – which is a leading brand in the textured haircare market, a new segment and growth lever for the company.”
The call transcript notes that, “today, The Mane Choice is a leading brand in the US textured hair market, with broad distribution in leading drug, mass and specialty beauty retailers. For the 12-month period ended September 30, 2019, The Mane Choice had net sales of approximately $24.4m and adjusted EBITDA of $6.4m.
MAV acquired the brand for $29m cash, an equity consideration of $9m, and post-closing cash earnout payments of up to $52.5m over the next 3 years. “We are expanding and diversifying our portfolio with the acquisition of The Mane Choice, propelling MAV Beauty Brands into the position of the seventh largest haircare company in the U.S. market,” says Venere is the call transcript.
The Mane Choice,” he explains “has highly attractive characteristics: a fast-growing, founder-led brand, a robust margin profile, and an asset-light business model. This acquisition is financially attractive and adds a complementary brand in the fast-growing natural, textured hair market. We plan to support the founder in her efforts to bring these highly customized products to more consumers by leveraging our global operating platform.”
Courtney Adeleye joins MAV Beauty Brands and launches Generational Advantage Fund
In her remarks to the press, Adeleye talked about why she chose to partner with MAV saying, “MAV Beauty Brands has a founder-led, entrepreneurial mindset, a deep focus on innovation and an emphasis on partnering with retailers, which all align very well with our strengths and make them an ideal partner for our business.” Adeleye joins the MAV company as part of the deal and will continue to lead the brand she created.
“Their global operating platform,” she continues, explaining why this was the right deal, “will better position us to scale, create supply chain efficiencies, and expand our reach both domestically and internationally, while maintaining the foundation and vision of the brand. In short, we can put more into doing what we do best: make great products so our consumers can achieve beautiful, healthy hair.”
Adeleye has built an impressive brand in 6 short years. In that time, she’s also established herself as a business leader who gives back and supports the community around her. Now, having partnered with MAV, Adeleye has an even bigger plan.
“I’ve always been searching for ways to expand my reach to impact more lives, and it was super important for me to find the perfect partner to continue and expand on the work I’ve already started in the community,” wrote Adeleye in an Instagram post on Wednesday.
“…I have made the strategic decision to partner with MAV Beauty Brands,” continues Adeleye. “With this expansion and being part of a publicly traded company comes limitless opportunities, the first of which includes the launch of The Generational Advantage Fund, where I am personally committing $30 million dollars focused on providing financial literacy programs to communities in need, fueling them with tools to succeed from generation to generation.”
“This new fund will help to formally provide women with access to financial literacy, capital, resources and support, mentorship, scholarships, and housing. The Generational Advantage Fund is designed to bridge the wealth gap for women now and for generations to come by not just alleviating an immediate need but providing resources to build generational wealth.”
Deanna Utroske, CosmeticsDesign.com Editor, covers beauty business news in the Americas region and publishes the weekly Indie Beauty Profile column, showcasing the inspiring work of entrepreneurs and innovative brands.