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Helen of Troy Acquires Curlsmith Prestige Hair Care Products for USD 150m in Cash.

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MANews-(C)2009-2022

A subsidiary of US-based consumer brand-name home, outdoor, health, wellness, and beauty products provider Helen of Troy Ltd. (NASDAQ: HELE) has acquired prestige haircare products provider UK-based Recipe Products Ltd and its Curlsmith hair products line, the company said.

Founded in 2017, the company's Curlsmith products are in the market for prestige haircare products for all types of curly and wavy hair.

Curlsmith's curl-loving range of conditioners, shampoos, and co-washes was created in partnership with expert trichologists and stylists specializing in healthy hair.

Its formulas are purposefully designed for the unique challenges of all types of curls and textured hair.

The products are vegan friendly and cruelty free, and do not use sulfates, parabens, silicones, mineral oils, phthalates, or diethanolamine in their formulation.

The total purchase consideration, net of cash acquired, was USD 150m in cash, subject to certain customary closing adjustments.

This implies a pre-synergy multiple of less than 10x estimated calendar year 2022 adjusted EBITDA1, which compares favorably to Helen of Troy's current Enterprise Value 2/TTM adjusted EBITDA3 multiple...

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