Acon Investments and its affiliates have signed a definitive agreement to acquire hair styling tool manufacturer Goody Products.

Completion of the deal is subject to customary conditions, including regulatory approvals.

Acon Investments’ partner Suma Kulkarni said: “We are excited to be able to give Goody Products the focus and resources it deserves to prosper as one of the leading brands in its segments.

“We plan to leverage our experience to build iconic brands through product innovation and enhanced distribution to continue the Company’s growth trajectory.

Acon partner Anjali Jolly said: “We are excited to be partnering with Goody management and we are confident the Goody brand will continue to succeed under our new ownership.”

“We plan to leverage our experience to build iconic brands through product innovation and enhanced distribution.”

Goody general manager Kim Hoelting said: “This is an exciting day for Goody Products, and I’m excited for the team to grow with ACON.

“I am confident that ACON will help us build on a century of success and continue to grow our business.”

Hogan Lovells served as Acon’s legal advisor.

Based in Atlanta, Georgia, Goody Products was initially established in 1907 as H. Goodman & Son. It sells products through retailers in North AmericaLatin AmericaEurope and Asia.

Goody Products is a US-based manufacturer of Newell Brands’ hair styling tools and accessories. Newell Brands is a global consumer goods company with a portfolio of brands, including Paper Mate, Sharpie, Dymo, EXPO, Parker and Elmer’s.

Acon Investments is a US-based private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the US and Latin America.

Set up in 1996, ACON manages around $5.3bn of capital.