The buy-out of haircare brand Tangle Teezer has propelled a Dragons’ Den reject to the wealth level of those who snubbed his wonder-product.
Grimsby-born Shaun Pulfrey has sold most of his shares in the “category defining business” to Mayfair Equity Partners in a deal that values the company at £70 million.
Founded in 2007, the original detangling tool became a must-have, with celebrities and stylists leading the charge.
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London-based Mayfair will partner with James Vowles, chief executive, and the management team at Tangle Teezer, with further international growth eyed.
It brought in record revenues of £30 million in 2020, with the uptick continuing at the Brixton headquarters throughout the pandemic.
Mr Pulfrey, a stylist who innovated after “searching for decades” to find a quick and easy way to detangle hair without tugging and pulling, said: “I am immensely proud to be joining forces with Mayfair in a strategic partnership on the next stage of the growth story for Tangle Teezer.
"Their proven ability to back strong brands, with founder and management led business teams, made them my natural choice. I’m incredibly excited for the future and the new opportunities it will present for our iconic and much-loved brand including continuing to bring even more new product innovation, which is the heartbeat of the brand.”
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He went before the dragons on the hit BBC show in 2007, having used savings to secure patents and original manufacturing runs. From his London flat he would pack and send out.
Seeking £80,000 to professionalise, it was described as “hare-brained” by Peter Jones while Deborah Meaden likened it to a horse brush.
It struck a chord with viewers though, with Mr Pulfrey forever grateful to the 15-minute advert that saw orders crash his fledgling website.
Tangle Teezer has subsequently been dubbed ‘the one that got away’ from the investor panel, earning a Queen’s Award for Innovation in 2012 and for International Trade in 2014.
Mr Vowles said: “Shaun has built an incredible brand which has delighted consumers across the world, and works so well on different hair types. From the strong foundations in detangling, the brand has successfully expanded into styling, blow drying and now scalp care as well as detangling sprays. We’re all hugely excited to be working with Mayfair for the next stage of growth.”
It is sold in more than 75 countries, through major retailers and online platforms, and now offers a broad range of tailored products for different hair types, with ergonomic designs.
From Superbowl superstar prep to Little Mix videos of late, Tangle Teezers were first feted by the likes of Victoria Beckham, Kiera Knightley and Cara Delevingne, with influencers and snappy social media keeping sales surging.
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Mayfair specialises in technology and consumer growth investments, and will hold a majority stake, with the buy-out valuing the business at £70 million.
Bertie Aykroyd, partner, said: “Tangle Teezer has achieved remarkable success by redefining a category which has historically been largely unbranded and highly fragmented.
“Using smart technology and innovative designs, the brand has developed a product portfolio that consumers adore. By doing so, Shaun and James have created the detangling category that has quickly become synonymous with the Tangle Teezer brand.
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“We are thrilled to have the opportunity to support James and the team to continue to grow this impressive British brand both with new product innovation and international expansion.”
Tangle Teezer and its shareholders were advised by Arrowpoint Advisory and Pinsent Masons. Mayfair, also behind KCom national ICT services business acquiring Nasstar, was advised by Spayne Lindsay and Goodwin Procter.
Mr Pulfrey, who has acted as a global ambassador since Mr Vowles’ appointment, will retain a minority stake.