Illustration: Tiffany Herring/Axios
Hair care company Amika hired Raymond James to test the market, four sources tell Axios Pro.
Why it matters: It's another beauty and personal care brand looking to get off the sidelines.
Yes, but: Timing is fluid, and the business has not yet been actively shopped, sources tell Axios.
Zoom in: Founded in 2009, Amika makes everything from shampoo and conditioner to anti-humidity spray.
- The brand, which considers itself a "clean" hair care product, is sold in retailers like Sephora and Amazon, as well as directly to hair salons and professionals.
- Private equity firm Bansk took a majority stake in Amika in 2022 for an undisclosed amount, calling the brand "one of the largest independent haircare brands in the U.S."
Catch up quick: Beauty is in a bit of a boom period. Fragrance brand Phlur is also working with Raymond James to find a buyer, alongside the makeup brands Rare Beauty and Makeup by Mario.
- e.l.f. in May agreed to buy Hailey Bieber's Rhode brand for up to $1 billion.
- L'Oreal in June said it plans to buy skin care company Medik8 for a reported €1 billion.
- Unilever agreed to buy the natural soap brand Dr. Squatch from Summit Partners for $1.5 billion.
Between the lines: Strategic buyers have been leading the deal charge, and they've been seemingly disciplined on price.
- Dr. Squatch's valuation is a haircut from the $2 billion Summit was reportedly looking for.
- Rhode was only able to get across the finish line with a mix of equity and earnouts.
The bottom line: Amika plays in an attractive — but crowded — field.
