Fri, 13 Dec 2024 | BUSINESS SALE
French pens and shaving group BIC has bought fast growing UK haircare brand Tangle Teezer for £165 million.
Founded 80 years ago BIC produces stationery, lighters, and shavers, and has a presence in over 160 countries. It employs over 14,000 people.
Founded in 2007, Tangle Teezer pioneered the 'detangling' category, developing innovative hairbrushes with patented teeth technology that are designed to detangle hair while limiting damage.
The deal provides a full exit for dedicated digital investor Mayfair Equity Partners.
Mayfair invested in Tangle Teezer in July 2021 through a management buyout. Since then, Tangle Teezer has delivered strong organic growth, driven by international expansion into 70 markets. The US is now Tangle Teezer’s largest and fastest-growing market.
Mayfair also helped the group create a global manufacturing and product innovation strategy and an ESG drive including the creation of eco-friendly goods such as Plant Brush.
According to Mayfair, with more than £60 million in annual net sales and strong margins, Tangle Teezer has approximately doubled its EBITDA over the last three years. There is more to go for with Mayfair believing that the highly fragmented hairbrush and comb market is worth more than €4.5 billion.
Gonzalve Bich, CEO of BIC, said: “With a consumer-first approach, together we aim to redefine personal grooming by creating personalised haircare solutions that enhance daily routines. Our strategy is to build long-term trust by offering not just products, but simple solutions that improve self-care experiences.”
James Vowles, CEO of Tangle Teezer, said: “Tangle Teezer’s success stems from our commitment to product innovation, strategic brand development, operational excellence, and a relentless focus on sustainability. This is an exciting chapter for Tangle Teezer.”
Harris Williams, a global investment bank specialising in M&A advisory services, acted as exclusive financial advisor to Tangle Teezer and the Company’s shareholders. Goodwin Proctor provided legal advice to the Company and its shareholders.
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