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Fairness Opinion Detail

Olaplex to Henkel

HHP/Pers Care/Mar 2026/JPMorgan

Deal Information

Target
Olaplex
Acquiror
Henkel
Sector
HHP/Pers Care
Target Type
Public
Acquiror Type
Strategic
Advisors
JPMorgan

Transaction Metrics

Enterprise Value
$1.5B
EV / LTM Sales
3.5x
EV / LTM EBITDA
15.9x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: JPMorgan

FV/LTM EBITDA selected range: 12.0x - 21.0x

9 comps
Jun 2016Elizabeth Arden, Inc.Revlon, Inc.--34.3x-
May 2019Avon Products, Inc.Natura & Co Holding S.A.--9.5x-
Dec 2019Drybar Products LLCHelen of Troy Limited--13.0x-
Jun 2020Coty Inc.'s Professional and Retail Hair business, including the Wella, Clairol, OPI and ghd brandsKohlberg Kravis Roberts & Co. L.P.--12.3x-
Nov 2021Obagi Global Holdings LimitedWaldencast Acquisition Corp.--17.2x-
Apr 2022Recipe Products Ltd.Helen of Troy Limited--10.0x-
Aug 2023Naturium LLCe.l.f. Beauty, Inc.--21.0x-
May 2025Touchland Holding CorpChurch & Dwight Co., Inc.--12.7x-
Nov 2025Kenvue Inc.Kimberly-Clark Corporation--14.3x-
Mean-16.0x-
Median-13.0x-