Officials with El Paso’s own Helen of Troy announced Thursday that they had entered into an agreement to acquire Drybar Holdings, the owner and long-time operator of Drybar blowout salons.
“We are delighted to announce that we have entered into an agreement to acquire Drybar Products, which will add a highly-respected and fast-growing brand to our Beauty business, and an 8th Leadership Brand to Helen of Troy’s portfolio,” shared Helen of Troy CEO Julien Mininberg.
According to Helen of Troy, Drybar is a “fast-growing, innovative, trendsetting prestige hair care and styling brand in the multi-billion-dollar beauty industry…[that] adds fast-growing, award-winning prestige haircare products platform to its Leadership Brand portfolio.”
Mininberg went on to talk about the strength that Drybar brings to the table and how the new relationship with Helen of Troy would boost both brands.
“We believe Helen of Troy’s license to Drybar Holdings will create a powerful business relationship that will strengthen the brand’s moat in the industry. Helen of Troy plans to further improve and expand the products business, while Drybar Holdings plans to build out its salon footprint and maintain an exceptional consumer experience. The salons, which feature professional stylists who demonstrate and recommend Drybar products thousands of times a day to a growing clientele, will exclusively use, promote, and sell our Drybar products globally. We are also very pleased to welcome the Drybar products team to the Helen of Troy family at the closing of the acquisition, including its leader, John Heffner.”
As part of the transaction, Helen of Troy will grant a worldwide license to Drybar Holdings LLC, the owner and long-time operator of Drybar blowout salons, to use the Drybar trademark in their continued operation of Drybar salons.
The acquisition is expected to close by January 31, 2020, subject to customary closing conditions, including regulatory approvals.