Helen of Troy Limited agreed to acquire nail care business Olive & June, LLC, for a total purchase price of $240 million.
Olive & June, founded in 2013, is an omnichannel DIY nail care brand across key nail care categories, including polish, artificial nails, tools and treatment. The brand was built on a digital-first model to engage and educate consumers and drive brand loyalty and social media engagement.
Helen of Troy develops beauty and hair care products under such brands as Revlon, Hot Tools, Belson and Bed Head. The company markets wellness products under such brands as PUR, Vicks, Honeywell and Braun; and housewares and outdoor products under such brands as Oxo, Hydro Flask and Osprey.
Helen of Troy reported that it expects to add value to Olive & June through its scalable operating platform, while Olive & June can accelerate profitable growth for the company by further diversifying its product offerings. Helen of Troy said it intends for Olive & June to operate largely as it does now except in areas where the Helen of Troy “believes it can accelerate Olive & June’s momentum.
The expected total purchase price includes $225 million in cash at closing and a $15 million 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. Helen of Troy expects Olive & June’s calendar year 2024 net sales revenue to be approximately $92 million. The acquisition is expected to close before the end of calendar year 2024.
Helen of Troy CEO Noel Geoffroy said: “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.
Sarah Gibson Tuttle, founder and CEO of Olive & June, said: “When I started Olive & June, the mission was simple: to make salon-quality nails accessible to everyone, everywhere… 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.”
