Lifestyle Fund II acquires Les Secrets de Loly

The Quadrivio & Pambianco private equity fund invests in the beauty-care segment and buys French brand specialized in products for curly hair.

Lifestyle Fund II enters the beauty-care segment and buys the majority stake in Les Secrets de Loly ‒ a French brand specialized in products for wavy, curly, coily, frizzy and afro-textured hair ‒ from Quilvest Capital Partners. The Weinberg Capital Partners and Three Hills funds are joining Quadrivio Group in the investment through minority stakes. 

Les Secrets de Loly was established in France in 2009 to an idea by Kelly Massol, who will be significantly reinvesting in the brand. The management team ‒ helmed by Carlota Thévenot, the current CEO ‒ will also stay in place. 

Les Secrets de Loly stands as a fifth investment for Lifestyle Fund II ‒ the Quadrivio & Pambianco vehicle for investing in companies active in the lifestyle, fashion, design, beauty, and food & wine sectors. The fund's portfolio already includes: Twinset, the women's total look label with a feminine and romantic edge; Sessùn, a French apparel brand with a soulful arts-and-crafts identity; Filippo De Laurentiis, makers of top-end knitwear; and Autry, producers of premium sneakers 

Over the last three years Les Secrets de Loly has registered annual growth exceeding 40%. The brand has steadily established itself as a haircare benchmark thanks to its premium positioning and distinctive features: it specializes in 100% natural products designed to protect and enhance the texture of wavy, curly, coily, frizzy and afro hair. This is a high-potential key market that addresses two out of every three women in France, where the brand holds clear market leadership. Distribution is through the pharmacy channel, specialized retail stores and e-commerce platforms. Les Secrets de Loly also fosters a deeply inclusive vision, which has enabled it to build a strong connection with its own consumers and to create an authentic community of women around the brand. 

The Les Secrets de Loly acquisition by Quadrivio marks the beginning of a new strategic chapter for the haircare company, which has a firm focus on international expansion and a target of €100 million and above in turnover.

Following a period of robust growth in France, its roadmap traces out expansion across Europe ‒ particularly in Spain and Italy ‒ and the Middle East. The fund's team, with proven experience in the segment, will be supporting the company throughout the next phase of development, strengthening its positioning on existing markets while activating multi-market expansion initiatives. The aim is to prompt large-scale growth over the coming years. 

The transaction was headed by Philippe Franchet and Massimo Rocchietti, respectively Managing Partner and Senior Investment Manager at Quadrivio Group. 

Philippe Franchet, Managing Partner at Quadrivio Group, commented: “Les Secrets de Loly shows all the attributes of a highly attractive brand: leadership within its niche, strong organic growth, profitability, and a committed management team. We'll be supporting this business during its European expansion and in value creation throughout this new cycle.” 

“We're excited to be part of the Les Secrets de Loly world. The company's growth over recent years stands as just the first step in a much longer development journey, one that we will be guiding thanks also to Quadrivio Group's consolidated experience in the beauty-care sector, which is of significant strategic importance for us. We firmly believe in the brand's potential ‒ it is currently Sephora's haircare bestseller ‒ and we intend to invest further in its positioning while accelerating its international rollout across Europe and beyond,” added Alessandro Binello, Group CEO at Quadrivio Group. 

For Kelly Massol, founder of Les Secrets de Loly: “This operation marks a new phase for the brand. Following a successful structuring period with Quilvest, today we have solid foundations to accelerate internationally while also preserving our DNA.” 

Quadrivio & Pambianco was assisted by Rothschild as financial advisor, and by the law office Jeantet for the legal aspects of the operation. Strategic consultancy was entrusted to EY Parthenon, while the financial due diligence was conducted by Interpath. Assistance in the legal aspects of financing the transaction was provided to Quadrivio by Hogan Lovells. 
Les Secrets de Loly and its shareholders were assisted by the financial advisors Scalène Partners and Jefferies, by the law offices AEF, Mayer Brown and Jeausserand-Audouard, and by Alvarez & Marsal and BCG in auditing and vendor due diligence activities. 

For Three Hills, the transaction was helmed by the Paris office and was carried out as part of the Three Hills Impact lower mid-market strategy.