Ares Management L.P. announced that a fund managed by its Private Equity Group has signed a definitive agreement to acquire Deva Holdings, Inc., the parent company of DevaCurl, a professional and prestige hair care brand dedicated to curly hair, from an investment fund affiliated with Tengram Capital Partners.
Founded by Denis DaSilva and Lorraine Massey in 1994, DevaCurl offers products specifically formulated for consumers with curly, super curly and wavy hair. It is considered a leader in this niche market. Items are sold through professional salon distributors, prestige retail partners, its flagship Devachan salon in Manhattan and online at devacurl.com.
Led by Colin Walsh since November 2013, DevaCurl’s biggest opportunity with the deal is to grow internationally. Tengram, a private equity firm that focuses on middle-market consumer and retail companies with strong recognizable brands, played a vital role in growing DevaCurl over the past three years, according to Colin.
Jefferies LLC acted as financial advisor and Morgan, Lewis & Bockius LLP acted as legal advisor to Ares. Financo acted as financial advisor and Morrison Cohen LLP acted as legal advisor to DevaCurl.
Recently Tengram sold Laura Geller Beauty to Glansaol Beauty.