Mayfair backs Tangle Teezer MBO

Mayfair will hold a majority stake in the business. Shaun Pulfrey will remain a minority shareholder. Additional deal terms were not disclosed, but a report by The Times valued the business at at least GBP 200m.

The GP held a final close for its sophomore fund, Mayfair Equity Partners Fund II, on its £650m hard-cap in 2019.

Company
Founded in 2007, Tangle Teezer produces a range of detangling, blow-drying and styling hairbrushes. Its products are sold in more than 75 countries under an omni-channel model, combining an online presence with distribution via multi-channel retailers including Amazon, Boots, Walgreens, The Hut Group, Target, Ulta, Superdrug, Sephora and CVS.

The business achieved record revenues of GBP 30m in 2020, according to a statement. Its latest publicly available accounts show that Tangle Teezer maintains an operating margin of around 46%, with 2019 gross profits coming in at GBP 12.5m.

People
Mayfair Equity Partners - Bertie Aykroyd (partner).

Advisers
Equity - Spayne Lindsay (M&A); Goodwin Procter (legal).
Vendors - Arrowpoint Advisory (M&A); Pinsent Masons (legal).

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• Topics
• Buyouts
• Consumer
• UK / Ireland
• Mayfair Equity Partners