Schulte represented Drybar Holdings LLC, a fast-growing, innovative hair care and styling brand, in an agreement for the acquisition of its hair products business by Helen of Troy Limited, a global consumer products company. The acquisition includes the Drybar trademark and other intellectual property assets, certain production assets and working capital, with a license being granted back to the haircare services business to continue operating its salons. The total purchase consideration is expected to be approximately $255 million in cash, subject to certain customary closing adjustments. The deal was announced on Dec. 19, 2019 and is expected to close in the first quarter of 2020.
The Schulte team advising Drybar is led by intellectual property, sourcing and technology partner Edward Sadtler. The team also includes M&A and securities associate Lowell Dyer and intellectual property, sourcing and technology special counsel Scott Kareff.