According to an article by WWD, Aussie-based hair care brand, BondiBoost, has been sold in a huge new deal.
The brand’s global president, Brian Orr, revealed that it has been acquired by Gauge Capital, a private equity firm from Dallas. Although the size of the deal was not disclosed, industry sources estimate the brand reached $80 million in sales last year.
“The brand will be headquartered in Australia, and product development will continue to come out of Australia,” Orr said. “My role is to support the Australia team and put a support system in place around the world to enable the global international expansion into all markets, and all geographies.”
Given BondiBoost’s success in the US and UK, the brand is not ruling out expanding to further international markets as it looks outward for opportunities.
“We began in Australia, where we have a great business, but I still think there’s room to grow in North America,” Orr said. “The team has already defined the roadmap. They’ve built customer engagement and advocacy in such a short amount of time. If you go online, there are more than 20,000 customers giving BondiBoost a five-star rating on our products.”
As for whether it will branch out to other categories, Orr said BondiBoost will be sticking to its core business before looking to expand.
“We are all about creating solutions to solve issues that people are having with their hair and scalp and that’s the core of the brand,” he said. “There are plenty of categories we can test as well, but I really want the brand to stick to its core, because that’s what we do best.”
Image source: BondiBoost