WetBrush Owners JD Beauty Merge with Goody Products
JD Beauty Co., LLC (‘JD Beauty’), the company behind WetBrush branded hair care accessories, Bio Ionic hair styling tools and Ouidad hair care, has announced that it will merge with Goody Products, Inc.(‘Goody’).
ACON Investments, L.L.C. and its affiliates (‘ACON’), owners of Goody since their purchase of Goody from Newell Brands (NYSE:NWL) in August 2018, has signed a definitive agreement to buy a controlling interest in JD Beauty from Topspin Partners II, LP, and its affiliates (‘Topspin Partners’), a consumer- focused private equity firm, and will combine the businesses.
JD Beauty, with its portfolio of hair care brands like WetBrush, Bio Ionic and Ouidad, will merge with the well-known Goody Products Inc. to form a powerful multi-brand company.
Jeffrey Davidson, CEO of JD Beauty who will become CEO of the combined entities upon closing, said: “Together we can better serve both the professional and consumer beauty industry, with game-changing product development capabilities, dynamic marketing initiatives, and best-in-class sales support and customer service. This transformational acquisition will combine one of the fastest growing companies in the beauty industry with one of the country’s most iconic and trusted beauty brands, Goody. Over the course of our partnership with Topspin Partners, we grew significantly through the launch of several new product lines, expanded distribution capabilities and the completion of strategic add-on acquisitions. We strongly believe this growth can continue through a partnership with ACON and Goody which will provide us with access to additional resources to build and accelerate our platform.”
Ken Brotman, founding and managing partner at ACON commented: “The combination of JD Beauty and Goody creates a formidable supplier within the industry. We look forward to working with Jeffrey and the entire JD Beauty and Goody teams to continue a growth trajectory for the integrated company.”
LeighRandall, managing partner at Topspin Partners said,“JD Beauty is an exceptional and innovative platform that has redefined the haircare industry. Over the past three years, Jeffrey and the team have grown the company from its single product beginnings in detangling brushes into a multi-category, multi-channel platform. We are confident that JD Beauty will continue its growth under ACON and we wish the JD Beauty team the very best in their next chapter.”