Helen of Troy announced Thursday that it had entered into an agreement to acquire Drybar Products LLC. The deal includes granting a worldwide license to Drybar Holdings LLC, the owner and operator of Drybar blowout salons, to use the Drybar trademark in their establishments. The acquisition, which is valued at $255 million in cash, is expected to close by January 31, 2020, and is subject to customary closing conditions, including regulatory approvals.
Helen of Troy holds many well-known branded licenses of personal care and household products, including Braun and XOXO. Sales of Drybar products have more than doubled since 2016; items are sold at retailers including Ulta Beauty, Sephora, Nordstrom, Macy’s and Drybar salons.