HRB Brands Acquired by Sodalis Group
Tengram Capital Partners, a middle-market private equity firm, has announced the sale of HRB Brands to Sodalis Group, a European-based beauty and personal care platform.
HRB is a leading hair care and skin cleansing business comprised of 20 iconic and well-known brands, including Alberto VO5, Zest, Coast, Brut, Pert, Sure, Zero Frizz, Rave, SGX NYC and Thicker Fuller Hair, among others. HRB’s brands are present in over 30 million households across the Americas and enjoy deep consumer loyalty for their quality at accessible price points.
Tengram acquired HRB in April 2020. During Tengram’s ownership, HRB completed four strategic transactions, expanding its geographic footprint to Latin America and adding to its brand portfolio. In addition, HRB made significant investments in management, operational infrastructure and service offerings to extend its market leadership and drive strong growth.
“HRB represents the culmination of four years of effort and is emblematic of a classic deal profile: great management supported by our own in-house expertise enabled by nimble capital and expert M&A. We are very grateful for the opportunity to work with Jim and his team through a challenging COVID restructuring and subsequent accelerated growth,” said William Sweedler, managing partner of Tengram and Windsong. “After tremendous effort over four years, we are pleased to deliver outsized returns to our loyal investors. We wish Jim and the Sodalis Group every success and fully expect them to take HRB to a new level of performance.”
Jim Daniels, CEO of HRB commented, “I would like to thank Bill and the Tengram/Windsong team who have been a tremendous partner to HRB and instrumental in developing and executing our organic and acquisition growth strategies. Becoming part of the Sodalis Group provides a very exciting new chapter for us. Our combined teams are already working well together to leverage each other’s talents and brand portfolios to rapidly grow our combined European, North and Latin America businesses. We are excited to channel our experience to set a new path within the Sodalis galaxy towards ever more ambitious goals.”
Fabio Granata, CEO of Sodalis Group, said, “With this acquisition, what seemed like a crazy dream becomes reality: Sodalis enters the American market with a direct affiliate. It is a great transformation for our company, born in a small Italian province, now expanding to the United States market. We believe in an important growth plan for Sodalis USA both for the evolution of the current business and as a great platform to launch our European power brands in North America and South America and to complete new acquisitions.”
Lincoln International LLC and Cascadia Capital LLC are serving as financial advisors, and Sidley Austin LLP is serving as legal counsel to HRB. PWC served as financial advisor, and Greenburg Traurig, LLP served as advisors to Sodalis Group.
