Tengram Capital Partners, a middle-market private equity firm, has sold HRB Brands (HRB) to Sodalis Group, a European-based beauty and personal care platform.
HRB is a hair care and skin care business made up of twenty brands including, Alberto VO5, Zest, Coast, Brut, Pert, Sure, Zero Frizz, Rave, SGX NYC, and Thicker Fuller Hair, among others. HRB’s brands are present in more than 30 million households across the Americas. Sodalis Group’s brands include Debby, ArtDeco, BioPoint, DermoLab and more.
Acquired by Tengram in 2020, HRB has since expanded its reach to Latin America and strengthened its brand portfolio through strategic acquisitions. Tengram's investments in HRB's management, operational infrastructure, and services have positioned the company for continued growth and market leadership.
William Sweedler, managing partner of Tengram and Windsong says, “HRB represents the culmination of four years of effort and is emblematic of a classic deal profile: great management supported by our own in-house expertise enabled by nimble capital and expert M&A. We are very grateful for the opportunity to work with Jim and his team through a challenging COVID restructuring and subsequent accelerated growth. After tremendous effort over four years, we are pleased to deliver outsized returns to our loyal investors.”
Jim Daniels, CEO of HRB, says, “I would like to thank Bill and the Tengram/Windsong team who have been a tremendous partner to HRB and instrumental in developing and executing our organic and acquisition growth strategies. Becoming part of the Sodalis Group provides a very exciting new chapter for us. Our combined teams are already working well together to leverage each other’s talents and brand portfolios to rapidly grow our combined European, North and Latin America businesses.”
Fabio Granata, CEO of Sodalis Group, says, “With this acquisition, what seemed like a crazy dream becomes reality: Sodalis enters the American market with a direct affiliate. It is a great transformation for our company, born in a small Italian province, now expanding to the United States market. We believe in an important growth plan for Sodalis USA both for the evolution of the current business and as a great platform to launch our European power brands in North America and South America and to complete new acquisitions.”
Lincoln International LLC and Cascadia Capital LLC are serving as financial advisors and Sidley Austin LLP is serving as legal counsel to HRB. PWC served as financial advisor and Greenburg Traurig, LLP served as advisors to Sodalis Group.
