Six years after acquiring ghd for £160 million, Montagu Private Equity has sold the Leeds-based female fashion brand for an undisclosed amount.

In 2006, the Jamella Group, which trades under the ghd brand, was bought by mid-market investment firm LDC for £55 million. Eleven months later it was then sold on to Montagu through a secondary buy-out.

The business was initially founded in 2001 by Martin Penny, Gary Douglas and Robert Powls, after the trio purchased the rights to a style of hair straightening iron from a South Korean investor. Today, ghd sells a range of hair styling appliances alongside its straighteners including hair dryers, brushes and styling products.

Under the ownership of Montagu, ghd has grown into new geographies, principally in the US, Europe and Asia. The firm says it has diversified its sales channels to increase access to its products and has seen its profits double to £32 million on revenues of £150 million during the six-year period.

Paul Stoneham, CEO of ghd, comments, ‘Our partnership with Montagu has been a great success and enabled us to build the ghd brand, develop proprietary technology, create a strong global presence, expand internationally and enter new hair care categories.

‘We look forward to accelerating ghd’s development in close partnership with Lion Capital, with whom we share a common vision and passion for growth.’

Lyndon Lea, partner at Lion Capital, says the private equity firm will now look to increase investment in the brand, facilitate new product development and expand its international and alternative sales channels, particularly online.

He adds, ‘Since its very early days, ghd has proved itself to be an iconic brand that engenders a deep emotional attachment and loyalty amongst its customers, both professional stylists and consumers, on levels rarely achieved by even the strongest consumer brands.’