Hotheads and Beauty Industry Group Finalize New Partnership
International Designs Corporation (IDC) announced it has entered into a strategic partnership with Beauty Industry Group (BIG). As part of the transaction, BIG, along with Gauge Capital, purchased a majority share of IDC. With this agreement, the collective companies will further secure access to the raw human hair market and be able to maximize efficiencies in the procurement of 100% remy human hair.
“Our exclusive manufacturing partner has been developing the largest hair and wig factory in the world for the past few years. I felt that we needed to be able to dramatically increase our distribution while protecting our distributors,” said Richard Schoonover, President of IDC. He continued, “I had admired Derrick of BIG as a competitor for the past decade and have found that we share the same vision for our core brands while both seeing new opportunities in the market. I decided that it would be best for our brands to complete this merger and be able to have a bigger influence as the market expands.”
In addition to serving as President of IDC, Schoonover will sit on the Board of Directors of BIG. He and his team will continue to maintain IDC headquarters in South Florida.
“I have long been impressed with Richard and the company he has built for its innovation and commitment to high-quality products. IDC has helped lead the way in hair technology, extension color processing and enabling extensions to go from a trend to a staple in the beauty industry,” said BIG CEO Derrick Porter.
Porter elaborated: “Both companies will continue to service their respective distributors and end customers seamlessly without changing their product offerings, customer bases, or combining or emulating one another’s key strategies.”
About International Designs Corporation (www.HotHeadsHairwear.com)
Founded in 2005 in South Florida, IDC’s brands are among the fastest growing hair extension brands in North America. Its brands are currently found on five continents and in over 40 countries.
About Beauty Industry Group (www.beautyindustrygroup.com)
BIG, established in 2004 and headquartered in Salt Lake City, UT continues as an industry leader for professional hair extensions and related beauty products, with a network of more than 50 distributors throughout the world as well as a large direct-to-consumer presence. It also operates businesses in the cosmetic and distribution space.
About Gauge Capital (www.GaugeCapital.com)
Gauge Capital, headquartered in Southlake, TX, is a private equity firm that partners with owners, managers and equity stakeholders of successful middle market companies to maximize their potential. Gauge provides capital, strategic advice, and structural support to established firms with large market potential.
Originally posted on Modern Salon.