MAMARONECK, NY – MARCH 2019.
Topspin Partners II, LP
(“Topspin”), a suburban NY-based private equity fund focused on the lower middle-market, has entered into a definitive agreement to sell its portfolio company
JD Beauty Co., LLC
(“JD Beauty” or the "Company"), the Company behind the popular Wet Brush branded hair care accessories, Bio Ionic hair styling tools and Ouidad hair care. Over the past three years, Topspin and the JD Beauty team have grown the Company by launching several new product lines, expanding the Company's distribution capabilities, completing add-on acquisitions (including Bio Ionic and Ouidad) and growing the sales, marketing and product development teams.
The acquirer, Goody Products, Inc. ("Goody"), is one of the largest players in the hair accessories and styling tools industry. Goody was acquired by ACON Investments, a middle-market private equity firm, in August 2018.
Leigh Randall, Managing Partner of Topspin Partners, stated “JD Beauty is an exceptional and innovative platform that has redefined the hair care industry. Over the past three years, the JD team has grown the company from its single product beginnings in detangling brushes into a multi-category, multi-channel platform. We are confident that JD will continue its growth under ACON and we wish the JD team the very best in their next chapter.”
Jeff Davidson, CEO of JD Beauty, stated, “We would like to thank the Topspin team for the value and support they provided to JD Beauty as our partners over the past three years. Their expertise and strategic guidance, together with the hard work of the JD Beauty employees and management team, laid the foundation for the rapid growth we are experiencing today.”
Intrepid Investment Bankers served as the exclusive financial advisor to JD Beauty. Lowenstein Sandler, LLP served as legal advisor to JD Beauty.