Hair beauty specialist sold to US giant
A Cheshire firm which specialises in hair beauty products has been sold to an American business for an undisclosed amount.
Beauty Works, one of the UK’s leading hair extension brands, has been sold to the Beauty Industry Group, based in Salt Lake City.
Beauty Works was founded over ten years ago by Penelope Cheshire and has been supplying premium, luxury hair extensions to the most prestigious salons, backstage stylists and premium retailers across the UK.
Financial specialist Deloitte worked on the deal.
The business has won some of the most prestigious awards in the haircare industry, including the Marie Claire Hair Awards and the OK Beauty Awards.
Beauty Works current leadership team will continue to run the brand out of its Cheshire headquarters.
BIG is an industry leader for professionally installed hair extensions and related beauty products.
BIG’s professional products are sold in more than 1,300 stores throughout North America and its collective brands service more than 30,000 salons across 165 countries.
The acquisition of Beauty Works will enable further expansion into the European hair extensions market.
Beauty Works managing director Penelope Cheshire said: “We are enormously proud to have built up Beauty Works, the undisputed UK market leader in luxury hair extensions over the last ten years.
“We are extremely excited for the next chapter of Beauty Works’ success, working with BIG to achieve these goals and expedite our international ambitions.
“Deloitte has supported us every step of the way through the transaction, offering excellent advice and guidance.”
BIG chief executive Derrick Porter said: “we have watched Beauty Works for some time now and are impressed by the lively ecosystem they have cultivated among salons, stylists, influencers, and consumer within the UK market. Their strong performance is a direct reflection of their intentional strategy and strong leadership, with whom we are thrilled to now work alongside with.”
Chiara Pettinicchio at Deloitte in the North West, added: “It has been a pleasure to work with Penelope and the Beauty Works team to help them achieve their goals. Beauty Works is an exciting and fast growing business, which is celebrated by the top players and influencers in this industry.
“As retail and consumer businesses have faced a challenging landscape over the past few years, Beauty Works has adapted and flexed its approach to focus on e-commerce, whilst delivering the ultimate customer experience. We wish Penelope and her team every success in the future.”
Beauty Works was advised by Andy Westbrook, Chiara Pettinicchio, Abi Godfrey and Jarek Steadman from the Deloitte Corporate Finance team, Jodi Birkett, Anika Keys and Declan Warwick from the Deloitte Transaction Services team and Sean Beech, Ruth De Arostegui and Jetain Lad from the Deloitte Tax team.
Addleshaw Goddard LLP (Paul Medlicott, David Auty and Katie Barker) advised on the legals.