Nail care brand Olive & June acquired by Helen of Troy for US$240m
Helen of Troy has entered into an agreement to acquire omnichannel nail care brand Olive & June. The transaction is valued at US$240 million ($367.4m), including a US$15 million ($23.0m) performance-based earnout. The acquisition is expected to close by the end of 2024.
Transaction snapshot
Deal value: US$240 million ($367.4m), including a US$15 million ($23.0m) earnout
Deal multiples: 2.6 revenue multiple, ~11x EBITDA multiple
Deal type: Acquisition
Investors: Helen of Troy
Olive & June was founded in 2013 as a Beverly Hills nail salon before launching its at-home nail system in 2019. The brand spans lacquer, gel polish, press-on nails, tools, and treatments. With projected net revenue of approximately US$92 million ($140.8m) for 2024, Olive & June is a key player in the DIY nail care market. It is sold in over 8,000 retail outlets, including Target, Walmart, and Walgreens, and has achieved strong consumer engagement.
Helen of Troy plans to operate Olive & June as a standalone entity while leveraging its platform to accelerate growth. The acquisition aligns with Helen of Troy’s strategy to diversify its beauty portfolio beyond hair care. The brand will continue to be led by founder and CEO Sarah Gibson Tuttle, with support from Helen of Troy’s infrastructure.
CEO Noel M. Geoffroy highlighted Olive & June’s innovative approach to nail care and its alignment with Helen of Troy’s growth objectives. The company aims to expand Olive & June’s distribution and enhance its product offerings. Gibson Tuttle expressed excitement for the partnership, emphasising shared values and a commitment to growth.
The acquisition follows Helen of Troy’s beauty-focused investments, including Drybar, Curlsmith, and Revlon-branded tools, further solidifying its position in the beauty sector. The company intends to update its fiscal 2025 outlook to reflect the acquisition during its January 2025 earnings release.
