Helen of Troy, the US-based consumer goods company, announced its acquisition of nail care brand Olive & June for $240 million on Thursday.
The price includes $225 million in cash and a $15 million earn-out, subject to the brand’s performance over three years, according to a statement. Helen of Troy chief executive Noel M. Geoffroy highlighted Olive & June’s rapid growth and attractive margins.
Founder and CEO Sarah Gibson Tuttle will stay on and continue to operate the brand “in a stand-alone but supported model,” according to the release.
Tuttle founded Olive & June in 2013 as a nail salon, expanding into online sales of nail polish and at-home manicure kits in 2019 ahead of pandemic-era shutdowns. The brand has previously secured investment from venture capital firms including Sugar Capital, Alpha Edison, Essential Investment Capital, Jackalope Ventures and Short List Capital. It is expected to reach $92 million in net sales revenue for 2024.
Olive & June joins hair businesses Drybar, and styling tools made under the Revlon name in the Helen of Troy portfolio, which also includes household names such as kitchenware brand Oxo, cough medicine brand Vicks and outdoor brands Hydroflask and Osprey.
Olive & June’s financial advisor was Raymond James and legal counsel was Sidley Austin LLP.
Following the deal, Helen of Troy will update its outlook for its fiscal third-quarter earnings release on Jan. 9 to reflect expected growth in revenue and earnings.
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