Irish haircare firm that sold products to Hollywood A-listers sold for €150m
An Irish company that's had its haircare products endorsed by some of the biggest names in Hollywood has been sold in a €150m deal.
Galway based Lifes2Good has struck the deal to sell hair supplements business Viviscal to Dwight & Church, a US business corporation that is best known here for its Arm & Hammer toothpaste brand, it is understood.
The massive sale comes just two years after Lifes2Good secured €5m of investment from BDO Development Capital Fund, a fund set up to provide capital to SMEs targeting export-led growth.
Viviscal sales have soared following high-profile backing by plethora of A-list celebrities including Reese Witherspoon, Minnie Driver and Gwyneth Paltrow.
Sales at its Galway based owner Lifes2Good hit more than €50m in 2015, up over €8m from the previous year as the business has taken off in the massive US market.
The Irish owned business's sales are overwhelmingly abroad. Viviscal alone is sold in more than 25,000 US stores including drug store giants Walgreens, Rite Aid and CVS.
It's understood the sale agreed with Dwight and Church is of Viviscal only, and not the rest wider of the Lifes2Good business.
The sale means a massive pay day for shareholders, including majority owner and founder James Murphy, an accountant who set up the business in 1997 and has since steered its expansion, as well as other members of the management team and the company's financial backers.