Written on: May 13, 2022 by SprayTM
Bansk Group, a consumer-focused private investment firm, announced that it has entered into a definitive agreement to acquire a majority stake in Amika and Eva NYC, two of the fastest-growing scaled independent hair care brands in the U.S. Terms of the transaction were not disclosed.
Founded in 2009, Amika is one of the largest independent hair care brands in the U.S. and the only one of scale at the intersection of professional, prestige, and digital channels. Brooklyn-born and salon-raised, amika’s unwavering commitment to professional-quality products has guided the development of a clean and highly effective portfolio of haircare products and tools that are formulated following EU standards and without harmful ingredients such as SLS and SLES. amika’s high-quality, innovative, and responsible products cater to all hair types, textures, and styles, and its brand and artistic culture are defined by an inclusive ethos that has built a passionate and diverse community of loyal consumers and salon professionals. Later this year, amika will receive the highly regarded Clean at Sephora seal across its entire Sephora assortment, joining as only the third professional haircare brand to qualify.
Founded in 2012, Eva NYC has become one of the fastest growing masstige haircare brands in the U.S. The brand is committed to delivering high-quality products with proven results at accessible price points, and is the only masstige brand with an aluminum packaging portfolio that is 100 percent recyclable, certified cruelty-free, vegan, non-GMO, and free of harmful ingredients. Eva NYC has been recognized by its partners for its unrelenting focus on sustainability and has achieved all five pillars of Ulta’s Conscious Beauty accreditation as well as Target Zero accreditations. Further underpinning its commitment to leading environmental initiatives in the haircare industry, Eva NYC is the first hair brand to implement a styling tool recycling program with Terracycle.
Both brands are Climate Neutral Certified and sustainably-minded with cruelty-free products, PCR or aluminum packaging, and a focus on giving back to the community. In 2022, the brands intend to achieve a B Corporation (“B-Corp”) certification, underscoring the distinctive and unmatched commitment to sustainability and inclusivity amika and Eva NYC represent and improve upon each day.
Upon the close of the transaction, amika and Eva NYC will continue to operate as individual brands under their respective brand presidents, Chelsea Riggs and Jane Moran. In partnership with Bansk Group, the brands will seek to expand their reach across customers, channels, and geographies, while continuing to be industry leaders in sustainability, efficacy, and innovation.
“We are excited to partner with brands that share our vision for the future of the beauty and haircare industry,” said Chris Kelly, Partner at Bansk Group. “Consumer interest in high-quality haircare has accelerated in recent years, following the premiumization trends we have seen in other beauty and personal care categories. Today’s haircare consumers are increasingly passionate and educated about the quality of the haircare products they use – and how those products are formulated – driving exciting growth opportunities in prestige and masstige hair. Both amika and Eva NYC have built distinctive brands founded on proven efficacy, sustainability, and inclusivity, and are leaders in driving and celebrating innovation and diversity – well positioning them to capture this growth.”
“We are thrilled to join forces with Bansk to build on our momentum and accelerate the reach of our mission of friend to hair, hairstylist, people, and the planet in North America and international markets,” said Chelsea Riggs, amika Brand President. “Since inception, amika has pushed the boundaries of beauty to create the very best products that are also accessible, responsible, and beloved by both professionals and consumers. We are confident that the brand will continue to excel with Bansk’s support and guidance.”
“This announcement is a testament to our steadfast commitment to creating a high-quality product and sustainability-focused brand that our consumers love,” said Jane Moran, Eva NYC Brand President. “We look forward to our new partnership with Bansk and leveraging their expertise to take Eva NYC to new heights.”