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DevaCurl to Expand Via Private Equity Investment
Posted: December 2, 2013
Curly hair care brand DevaCurl has partnered with Tengram Capital Partners, LLC, (TCP), a private equity firm. DevaCurl offers a line of cleansers, conditioners and styling products sold through professional salon distributors and prestige retail partners. The brand has been able to achieve and maintain a high level of authenticity and attract a broad, multicultural community of "curly girls." The company serves its clients and stylists through its own salons and education facilities, including its New York and Los Angeles flagship salons. In addition, it currently operates two academies where stylists learn about the specific needs of curly-haired consumers and the DevaCurl method of cleansing, styling and cutting. There, they also develop value-added services for their salons and are trained in the specific use and applications of the entire line of DevaCurl products. Expanding its education offering to better serve the stylist community will be a point of focus for DevaCurl going forward.
Denis da Silva, DevaCurl’s founder, expressed his excitement about the new partnership and the growth prospects for the business. "DevaCurl has always positioned itself as a premium professional hair care collection serving the unique needs of the curly girl,” he said. “Our partnership with TCP will accelerate my dream of delivering innovative products, designed and created by stylists, specifically for women with curly hair around the world."
Concurrent with this investment, Tengram has recruited a seasoned professional hair care executive, Colin Walsh, to serve as president of DevaCurl. Prior to joining DevaCurl, Walsh led the successful turnaround of Matrix USA.
Commenting on his appointment, Walsh added, "I am thrilled to join DevaCurl as its new president at this exciting time in the brand's development. I look forward to working with Denis da Silva, one of the most innovative stylists in the industry, and the entire DevaCurl team to continue to serve, strengthen and grow the vibrant community of curly girls. I am also very pleased to partner with Tengram and the board of directors of DevaCurl during this next phase of growth."
Richard Gersten, partner of TCP, stated, "Having previously evaluated a number of businesses in this category, we found DevaCurl to be particularly compelling, given its passionate consumer base and leadership position in its segment. Curly-haired consumers exhibit a high degree of product loyalty, and DevaCurl has created an almost cult-like following."
"We have tremendous respect for what Denis has been able to accomplish with the DevaCurl brand and its current distribution partners," added Matthew D. Eby, managing partner of TCP. "We are thrilled to have Colin, a rising star in the hair care industry, join Denis and the rest of the DevaCurl team to drive the brand's expansion, invest in new salon and academy openings, and build a first class organization dedicated to serving the curly-haired community."