Los Angeles – December 23, 2019 – Cooley advised hair care and styling brand Drybar on its agreement to sell its products division, Drybar Products, to Helen of Troy. The transaction, which is expected to close in 1H 2020, is valued at approximately $255 million. Matt Hallinan, Jamie Leigh, Shannan Higgins and Pat Mitchell led the Cooley team advising Drybar.
The agreement includes the Drybar trademark and all intellectual property assets associated with Drybar’s products, as well as certain related production assets and working capital. Helen of Troy will grant a worldwide license to Drybar Holdings, the owner and long-time operator of Drybar blowout salons, to continue to use the Drybar trademark in their operations.
“Over the last ten years, Drybar has led a disruption of the traditional salon industry through its market-leading, blowout-only salons and highly successful prestige products,” Drybar CEO John Heffner said in a statement. “Drybar Holdings could not be more pleased to join forces with Helen of Troy.”
Drybar’s line of products has more than doubled in size since 2016 and continues to grow at a healthy double-digit rate across a wide array of retailers, including Ulta, Sephora, Nordstrom’s, Macy’s and Drybar salons.
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