Helen of Troy acquires Olive & June

US consumer products group Helen of Troy has entered into a definitive merger agreement to acquire omnichannel nail brand Olive & June for 225 million US dollars.

Olive & June, founded in 2013, is an innovative, omnichannel nail care brand trailblazing the DIY nail revolution, offering products across all nail care categories, including polish, artificial, tools, treatment, and care, to deliver a salon-quality experience at home.

In a statement, Texas-based Helen of Troy, which owns Curlsmith and Drybar, said the Olive & June acquisition is “an excellent, complementary fit” with its strategic goal to accelerate profitable growth and help it further diversify its product offering.

It adds that it believes it can “add value” to Olive & June and use its scalable operating platform while operating it as a standalone but supported model to accelerate the nailcare brand’s momentum.

Noel M. Geoffroy, chief executive officer of Helen of Troy, said: “We could not be more excited to add Olive & June to our portfolio of leading brands and we welcome its passionate associates and visionary leadership team to the Helen of Troy family. We believe Olive & June is an excellent fit with Helen of Troy both strategically and financially.

“Olive & June’s innovation-driven performance, highly relevant vision of democratizing nail care for everyone, award-winning products and unique consumer engagement model are impressive and inspiring. We see significant opportunities to build on its strengths in consumer obsession and breakthrough commercial and product innovation, in addition to helping expand the brand’s availability with increased distribution. Olive & June complements our existing beauty portfolio and broadens us beyond the Hair category, adding a consumables business that is both high growth and high margin. We look forward to working together to fully realize the potential of Olive & June.”

Helen of Troy to bolster portfolio with nailcare brand Olive & June

The total purchase consideration is expected to be 225 million US dollars in cash at closing, subject to certain customary closing adjustments, and a 15 million US dollar earnout subject to performance over three years. The total purchase price implies a multiple of less than 11 times the estimated calendar year 2025 adjusted EBITDA before synergies, which compares favourably to the company’s recent transactions. The company expects Olive & June’s calendar year 2024 net sales revenue to be approximately 92 million US dollars.

Sarah Gibson Tuttle, founder and chief executive of Olive & June, added: “When I started Olive & June, the mission was simple: to make salon-quality nails accessible to everyone, everywhere. Thanks to our passionate team and loyal community, we have achieved incredible milestones—teaching millions how to do their nails at home and redefining what is possible in beauty.

“Now, as we join the Helen of Troy family, a company known for elevating everyday experiences with innovative consumer products, I could not be more thrilled to lead this next chapter of growth for the brand. I have been deeply impressed by Noel’s visionary leadership and look forward to partnering with her and the entire Helen of Troy team. Together, we will continue to innovate, inspire, and deliver on our promise to be the go-to at-home nail solution for everyone, everywhere. I cannot wait to see all that we will accomplish together.”

The acquisition is expected to close before calendar year-end 2024.