Bansk Group, whose investments include Ethique and Arcadia, is acquiring a majority stake in amika and Eva NYC. The move comes amid a boom in U.S. prestige hair care, which expanded 32% year-over-year in Q1 2022.
amika and Eva NYC will continue to operate as individual brands under Chelsea Riggs (amika) and Jane Moran (Eva NYC). The investment in the brands will expand their reach across customers, channels and geographies, while further boosting sustainability and innovation.
amika, founded in 2009, will receive the Clean at Sephora seal across its entire Sephora assortment later this year. Founded in 2012, Eva NYC has reportedly achieved all five pillars of Ulta's Conscious Beauty accreditation as well as Target Zero accreditations. It also has a styling tool recycling program with Terracycle. Both brands are Climate Neutral Certified.
In 2022, the brands intend to achieve a B-Corp certification.
Financo | Raymond James served as financial advisor and Sidley Austin LLP acted as legal counsel to amika and Eva NYC. Jefferies served as financial advisor and Davis Polk & Wardwell LLP acted as legal counsel to Bansk Group.
"We are excited to partner with brands that share our vision for the future of the beauty and haircare industry," said Chris Kelly, partner at Bansk Group. "Consumer interest in high-quality haircare has accelerated in recent years, following the premiumization trends we have seen in other beauty and personal care categories. Today's haircare consumers are increasingly passionate and educated about the quality of the haircare products they use–and how those products are formulated–driving exciting growth opportunities in prestige and masstige hair. Both amika and Eva NYC have built distinctive brands founded on proven efficacy, sustainability, and inclusivity, and are leaders in driving and celebrating innovation and diversity–well positioning them to capture this growth."
"We are thrilled to join forces with Bansk to build on our momentum and accelerate the reach of our mission of friend to hair, hairstylist, people, and the planet in North America and international markets," said Riggs. "Since inception, amika has pushed the boundaries of beauty to create the very best products that are also accessible, responsible, and beloved by both professionals and consumers. We are confident that the brand will continue to excel with Bansk's support and guidance."
"Today's announcement is a testament to our steadfast commitment to creating a high-quality product and sustainability-focused brand that our consumers love," said Moran. "We look forward to our new partnership with Bansk and leveraging their expertise to take Eva NYC to new heights."