Helen of Troy acquires Curlsmith (Recipe Products) for $150M cash

HELEN OF TROY LTD

Purchase consideration of $150M net of cash acquired; pre-synergy EV/EBITDA <10x vs. Helen of Troy's ~15x.
Curlsmith expected CY2022 net sales of $40-42M; more than doubled revenue between 2020-2021.
Acquisition immediately accretive to sales growth, gross margin, adjusted EBITDA margin, adjusted EPS, and cash flow.
Adds premium, fast-growing textured-hair brand to Beauty segment; complements Drybar, Revlon, HOT Tools.
60% of U.S. consumers have curly/textured hair; prestige textured haircare growing 10x faster than non-textured.

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