Henkel has acquired Deva Parent Holdings Inc., the New York City-based company that owns DevaCurl professional hair care, from a fund managed by the private equity group of Ares Management Corp. The financial terms of the transaction were not disclosed.
DevaCurl was founded in 1994 and offers a line of hair care and styling products for curly and wavy hair. Robert Schaeffler, a former general manager at Stamford-based Henkel Professional North America, became Deva Parent Holdings’ CEO in December 2018, but the acquisition announcement did not state if he would remain at the corporate helm.
“This acquisition is part of our strategy to expand our position in attractive and fast-growing markets and categories,” Henkel CEO Hans Van Bylen said. “It will complement and further strengthen our hair professional business.”