Helen of Troy Completes Acquisition of Olive & June, LLC

Helen of Troy Limited has successfully completed its previously announced acquisition of Olive & June, LLC.

“We are very excited to complete the acquisition of Olive & June, which complements our existing Beauty portfolio, broadens us beyond the Hair category, and adds a consumables business that is both high growth and high margin,” said Noel M. Geoffroy, Helen of Troy CEO. “This is a great example of us executing our strategic goal of Continuing Better Together M&A. Olive & June continues to earn outstanding industry recognition, including recently awarded Inc.’s 2024 Best In Business, Beauty Inc.’s Breakthrough Brand of the Year, Mass, and Glossy’s 2024 Beauty Brand of the Year. We look forward to working with Olive & June’s passionate associates and visionary leadership team to continue to drive its award-winning product innovation and unique consumer engagement model that makes salon quality home nail care available to everyone.”

Founded in 2013, Olive & June is an omni-channel nail care brand covering all nail care categories including polish, artificial, tools, treatment and care.

Helen of Troy continues to expect Olive & June’s 2024 net sales revenue to be approximately $92 million, and for the acquisition to be immediately accretive to Helen of Troy’s revenue growth rate, gross profit margin, adjusted EBITDA margin, adjusted diluted EPS growth rate and free cash flow conversion.

A principal amount of $235.0 million was borrowed on a revolving basis under Helen of Troy’s Credit Agreement in connection with the closing of the acquisition. The proceeds of the borrowing were used to pay the initial cash consideration of $229.4 million, net of cash acquired, which includes an estimated working capital adjustment and excludes the contingent cash consideration of up to $15.0 million subject to performance over three years.

As of Dec. 16, inclusive of the borrowings for the acquisition, the company has swapped an aggregate amount of $550.0 million, or 56.0% of its outstanding floating rate borrowings to an average fixed SOFR rate of 3.9% through February 2026. Helen of Troy’s pro forma net leverage ratio is three times at the time of closing.

Helen of Troy intends to update its outlook for fiscal 2025 to include the incremental impact of Olive & June in conjunction with the third quarter earnings release on Jan. 9, 2025.