With its acquisition of 41 P&G brands this month, Coty is still amassing further properties. Once known as the world’s largest fragrance company, the now-broad-based beauty manufacturer/marketer has announced a definitive agreement to acquire ghd, a premium brand in high-end hairstyling appliances from Lion Capital LLP for approximately ₤420 million (approximately U.S. $510 million) in cash. The transaction will be funded with a combination of cash on hand and available debt facilities. Upon closing, the acquisition is expected to be immediately accretive to Coty’s earnings.
 
According to Coty, the addition of ghd’s market-leading and high-performance lines of hair straighteners, hairdryers, curlers and other hairstyling appliances is expected to further strengthen what the company says is its worldwide leading position in the professional hair category. ghd products are known for quality, design and performance, and claim a strong and loyal following.
 
ghd, which stands for “Good Hair Day,” generated ₤178 million in revenues in fiscal year 2016. ghd is headquartered in London and has commercial operations in the United Kingdom, Australia, the United States, Germany, France, Spain, Italy and several other markets. The company has been expanding from its core salon channel into premium retail and e-commerce. ghd will become part of the Coty Professional Beauty division, where it will be managed as a standalone business led by its current CEO Anthony Davey and management team. Anthony Davey will report to Sylvie Moreau, president of Coty Professional Beauty.