Newell Brands has signed a definitive agreement to sell Goody Products, a manufacturer of hair styling tools and accessories, to a fund managed by ACON Investments, a private equity investment firm.
Terms of the transaction were not disclosed. Goody’s 2017 net sales were approximately $115 million, according to Newell.
“We are excited to be able to give Goody the focus and resources it deserves to prosper as one of the leading brands in its segments. We plan to leverage our experience to build iconic brands through product innovation and enhanced distribution to continue the company’s growth trajectory,” said Suma Kulkarni, partner at ACON.
“This is an exciting day for Goody, and I’m excited for the team to grow with ACON,” added Kim Hoelting, general Manager of Goody. “I am confident that ACON will help us build on a century of success and continue to grow our business.”
The transaction is expected to close within approximately 30 days, subject to customary closing conditions, including regulatory approval.