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Mayfair Equity Partners backs management buy-out of Tangle Teezer

Mayfair Equity Partners (Mayfair), a tech and consumer growth investor, has completed an investment in British haircare brand Tangle Teezer. Mayfair will hold a majority stake in the business. Additional deal terms have not been disclosed.

Founded in 2007 by Shaun Pulfrey, Tangle Teezer produces a range of innovative detangling, blow-drying and styling hairbrushes famous for their unique teeth technology. The business has grown to become a world-renowned brand, recognised for creating the detangling haircare category, and swiftly becoming an essential haircare companion to both consumers and haircare professionals. Shaun will remain a minority shareholder in the business.

Recognising the international growth potential of Tangle Teezer, Mayfair is partnering with James Vowles, CEO, and his management team to support further product innovation and the international expansion of the business.
 
‘The Original’ hairbrush first launched by Tangle Teezer in 2009 helped to redefine the category with its unique ‘teeth’ technology and design, which is sized at GBP5 billion globally. It quickly gained global acknowledgement, winning global consumer and business accolades, including a Queen’s Award for innovation in 2012 and for International Trade in 2014.
 
Tangle Teezer is sold in over 75 countries around the world, with a broad range of tailored products for different hair types, with ergonomic designs underpinned by a global patent portfolio.
 
Its products are sold through a highly complementary and proven omni-channel model, with a premium positioning in well-established international online and multi-channel retailers, including Amazon, Boots, Walgreens, The Hut Group, Target, Ulta, Superdrug, Sephora and CVS.
 
The business was also an early adopter of direct-to-consumer sales through ecommerce with over 50 per cent of sales now occurring through digital channels. The brand benefited from a highly supportive group of industry experts and advocates, as well as the strong growth of celebrity and influencer endorsement via social media. This backing helped create a unique and trusted brand, while helping products enter new high-growth markets at a relatively low cost.
 
From Tangle Teezer’s home market in the UK, the business has expanded rapidly overseas and today its highest growth markets include the U.S. and China. For full year 2020, the business achieved record revenues of GBP30 million and has delivered resilient growth throughout FY20 and FY21, driven by new product development and growing product awareness across a range of international markets.
 
Shaun Pulfrey, Tangle Teezer founder, says: “I am immensely proud to be joining forces with Mayfair in a strategic partnership on the next stage of the growth story for Tangle Teezer. Their proven ability to back strong brands, with founder and management led business teams, made them my natural choice. I’m incredibly excited for the future and the new opportunities it will present for our iconic and much-loved brand including continuing to bring even more new product innovation, which is the heartbeat of the brand.”
 
James Vowles, Tangle Teezer CEO, says: “Shaun has built an incredible brand which has delighted consumers across the world, and works so well on different hair types. From the strong foundations in detangling, the brand has successfully expanded into styling, blow drying and now scalp care as well as Detangling Sprays. We’re all hugely excited to be working with Mayfair for the next stage of growth.”
 
Bertie Aykroyd, Partner at Mayfair Equity Partners, says: “Tangle Teezer has achieved remarkable success by redefining a category which has historically been largely unbranded and highly fragmented. Using smart technology and innovative designs, the brand has developed a product portfolio that consumers adore. By doing so, Shaun and James have created the detangling category that has quickly become synonymous with the Tangle Teezer brand. We are thrilled to have the opportunity to support James and the team to continue to grow this impressive British brand both with new product innovation and international expansion.”
 
Tangle Teezer and its shareholders were advised by Arrowpoint Advisory and Pinsent Masons. Mayfair was advised by Spayne Lindsay and Goodwin Procter.
 

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