Tengram Capital Partners Announces Investment in DevaCurl
New York, NY - November 22, 2013 – DevaCurl (the "Company") (www.mydevacurl.com), a leading professional and prestige hair care brand dedicated to curly hair along with its affiliated Devachan salons (www.devachansalon.com), has partnered with Tengram Capital Partners, LLC, ("TCP"), a Connecticut-based private equity firm that focuses exclusively on middle-market consumer and retail companies that own exceptional, highly recognizable brands.
DevaCurl offers a complete line of sulfate, silicone and paraben-free cleansers, conditioners and styling products sold through professional salon distributors and prestige retail partners. As the original brand in the curly hair segment and the first to create a sulfate-free cleanser, DevaCurl has been able to achieve and maintain a high level of brand authenticity and attract a broad, multi-cultural community of "curly girls". DevaCurl and Devachan salons have educated curly girls the world over about how to satisfy their hair's unique needs. DevaCurl serves its clients and stylists through its own salons and education facilities, including its New York and Los Angeles flagship salons. In addition, the Company currently operates two academies where stylists learn about the specific needs of curly-haired consumers and the innovative DevaCurl method of cleansing, styling, and cutting. There, they also develop value-added services for their salons, and are trained in the specific use and applications of the entire line of DevaCurl products. Expanding its education offering to better serve the stylist community will be a point of focus for the Company going forward.
Denis da Silva, the Company's founder, expressed his excitement about the new partnership and the growth prospects for the business. "DevaCurl has always positioned itself as a premium professional hair care collection serving the unique needs of the curly girl. Our partnership with TCP will accelerate my dream of delivering innovative products, designed and created by stylists, specifically for women with curly hair around the world."
Concurrent with this investment, Tengram has recruited a seasoned professional hair care executive, Colin Walsh, to serve as President of the Company. Prior to joining DevaCurl, Mr. Walsh led the highly successful turnaround of Matrix USA, the second largest professional brand in the U.S. and an integral part of the L'Oreal Professional Products Division.
Commenting on his appointment, Mr. Walsh added, "I am thrilled to join DevaCurl as its new President at this exciting time in the brand's development. I look forward to working with Denis da Silva, one of the most innovative stylists in the industry, and the entire DevaCurl team to continue to serve, strengthen and grow the vibrant community of curly girls. I am also very pleased to partner with Tengram and the Board of Directors of DevaCurl during this next phase of growth."
TCP invests in and partners with companies across the consumer sector. The firm invests in strong brands and management teams and acts as a catalyst to drive the growth of the companies in which it invests. TCP's principals have significant consumer expertise and focus on certain segments, including apparel, accessories, sporting goods, home furnishings and health and beauty.
Richard Gersten, Partner of TCP, stated, "Having previously evaluated a number of businesses in this category, we found DevaCurl to be particularly compelling, given its passionate consumer base and leadership position in its segment. Curly-haired consumers exhibit a high degree of product loyalty, and DevaCurl has created an almost cult-like following."
"We have tremendous respect for what Denis has been able to accomplish with the DevaCurl brand and its current distribution partners," added Matthew D. Eby, Managing Partner of TCP. "We are thrilled to have Colin, a rising star in the hair care industry, join Denis and the rest of the DevaCurl team to drive the brand's expansion, invest in new salon and academy openings, and build a first class organization dedicated to serving the curly-haired community."
DevaCurl is the category leader in curly retail products and professional salon opportunities. The Company is committed to satisfying all their curly client needs and developing innovative products and services including the DevaCurl curl care collection, Deva Cut and Pintura highlighting technique to support a curly lifestyle. The DevaCurl collection of curl care products originated with thousands of enthusiastic curly clients at the Devachan Salons in New York City, and now Los Angeles. The innovative curl care collection of sulfate, silicone and paraben-free conditioning cleansers, styling and finishing products address curly hair's specific needs using healthy oils and botanical extracts that cleanse, hydrate, define natural texture, and lock-in moisture. Learn more at www.mydevacurl.com.
ABOUT TENGRAM CAPITAL PARTNERS, LLC:
Tengram Capital Partners, LLC is a private equity firm that focuses exclusively on leading middle-market consumer and retail companies that own strong recognizable brands. The team has a diverse background of consumer investing and operating expertise that assists and guides company management to unlock the true potential of their brand. Tengram invests in both traditional "growth" and "restructuring/turnaround" situations in either the public or private sectors. Previous and current investments for Tengram and its predecessor investment entity, Windsong Brands, LLC, include Laura Geller Beauty, NEST Fragrances, Sequential Brands Group, Robert Graham, Joe Boxer, Joe's Jeans, Field & Stream, Design Within Reach, and Cloudveil. Tengram's website is (www.tengramcapital.com)