MAMARONECK, NY, March 11, 2019 (GLOBE NEWSWIRE) -- Topspin Partners II, LP (“Topspin”), a suburban NY-based private equity fund focused on the lower middle-market, has entered into a definitive agreement to sell its portfolio company JD Beauty Co., LLC (“JD Beauty” or the "Company"), the Company behind the popular Wet Brush branded hair care accessories, Bio Ionic hair styling tools and Ouidad hair care. Over the past three years, Topspin and the JD Beauty team have grown the Company by launching several new product lines, expanding the Company's distribution capabilities, completing add-on acquisitions (including Bio Ionic and Ouidad) and growing the sales, marketing and product development teams.
The acquirer, Goody Products, Inc. ("Goody"), is one of the largest players in the hair accessories and styling tools industry. Goody was acquired by ACON Investments, a middle-market private equity firm, in August 2018.
Leigh Randall, Managing Partner of Topspin Partners, stated “JD Beauty is an exceptional and innovative platform that has redefined the hair care industry. Over the past three years, the JD team has grown the company from its single product beginnings in detangling brushes into a multi-category, multi-channel platform. We are confident that JD will continue its growth under ACON and we wish the JD team the very best in their next chapter.”
Jeff Davidson, CEO of JD Beauty, stated, “We would like to thank the Topspin team for the value and support they provided to JD Beauty as our partners over the past three years. Their expertise and strategic guidance, together with the hard work of the JD Beauty employees and management team, laid the foundation for the rapid growth we are experiencing today.”
Intrepid Investment Bankers served as the exclusive financial advisor to JD Beauty. Lowenstein Sandler, LLP served as legal advisor to JD Beauty.
For more information on JD Beauty, please visit www.jdbeauty.com.
About JD Beauty Co.
JD Beauty Co., LLC is one of the leading marketers and manufacturers of professional beauty products. Based in New York and launched in 1977, JD Beauty has launched some of the industry’s most recognizable and innovative brands and products such as WetBrush, Luxor Pro, Lure, TS-2 and more. These brands promise quality and innovation to provide beautiful and professional results to professionals and consumers alike.
About Topspin
Topspin Partners is a suburban NY-based private equity fund that makes investments in profitable and established lower middle-market consumer businesses. The firm invests across a number of sub-verticals within consumer, including health & wellness, fitness, personal care/beauty, food/beverage, household goods, apparel, niche retail and juvenile products. The Topspin team has considerable operational expertise and collaborates with founder-owners and management teams to build businesses of varying stages and sizes. Further information on Topspin can be found at www.topspinpartners.com.
About Intrepid
Intrepid Investment Bankers, a subsidiary of MUFG Union Bank, provides M&A, capital raising and strategic advisory services to entrepreneurs, private equity groups and middle-market companies. Intrepid is one of the most active mergers and acquisitions advisors in the Beauty & Personal Care sector. The Intrepid team has a deep understanding of trends and value-drivers across the sector, ongoing dialogue with the acquirer and investor universe, and a proven track record of helping clients sell to global strategic acquirers and value-added private equity groups.