LONDON Feb 10 Montagu Private Equity has sold the ghd hair styling brand to Lion Capital, with two sources close to the deal putting the purchase price at nearly 300 million pounds ($475.10 million).
The private equity groups released a joint statement announcing the transaction but did not disclose the terms.
Montagu first acquired ghd (good hair day) through ghd's holding company Jemella in 2007 for 160 million pounds and has since expanded it into the United States, Australia and Europe.
Profits at ghd, which sells premium straighteners, curlers and hair dryers, have doubled to over 32 million pounds since 2007 while current revenues stand at more than 150 million pounds, according to the statement the companies released.
"We look forward to working closely with the management team to accelerate growth in the business through increased investment behind the brand, new product development and expansion of both international and alternative sales channels, in particular online," said Lyndon Lea, partner at Lion Capital said.
The companies said Ernst & Young acted as advisors to Montagu and ghd while Lion Capital was advised by Rothschild.