Hairstyling brand ghd (good hair day), endorsed by Katy Perry, has been flipped between two private equity houses with a £300m price tag.
Montagu Private Equity has sold the ghd brand favoured by many celebrities to Lion Capital, but the two did not reveal terms.
Montagu acquired ghd's holding company Jemella in 2007 for £160m and has since pushed out the brand in the US, Australia and Europe. Profits at ghd, which sells top-of-the-range straighteners, curlers and hairdryers, have doubled to more than £32m since 2007 while annual revenues stand at more than £150m.
"We look forward to working closely with the management team to accelerate growth in the business through increased investment, new product development and expansion of both international and alternative sales channels, in particular online," said Lyndon Lea, founding partner at Lion Capital.