GCA Altium is now part of Houlihan Lokey

Transaction Details

November 30, 2021


Consumer, Retail, E-commerce and Leisure

Deal Type


Deal Team

Barbara Ronconi, Jacopo Belfatto, Andrea Ghittino

GCA Altium advises HSA on its sale to The Equity Club

GCA Altium acted as exclusive financial advisor to the shareholders of Hair Styling Applications (HSA), a leading developer and manufacturer of professional haircare products, on the sale of the company to The Equity Club (TEC).

Founded by the Zanzi family in the early 1980s, HSA is a full-service, private label manufacturer of high-end professional cosmetics. Started as a solution provider for third-party clients, over time the company expanded its offering to the skincare segment and added dedicated haircare and skincare own branded lines. With revenue generated in over 70 countries, today HSA is the partner of choice for beauty brands that pursue constant innovation and require lean, end-to-end manufacturing support.

The Equity Club will partner with the Zanzi family and existing management to accelerate growth globally on the back of clearly identified strategic pillars, including a further extension of the product offering, penetration of certain key markets and collaboration with the rapidly growing community of indie brand creators.

Stefano Zanzi, CEO and Chairman of HSA, commented: “We are delighted to be partnering with TEC which will boost the expansion path of the company with the aim of more than doubling the actual size and backing the final goal of creating a ‘centre of excellence’ in the beauty space, as well as through M&A in adjacent sectors. We would like to become the first player capable of providing a complete offer encompassing hair, skin and makeup solutions.”

Gianmarco Gandolfi, Senior Partner of The Equity Club, added: “Northern Italy is a manufacturing hub for cosmetic products recognised globally for its know-how. Within the aforementioned landscape, HSA is the crown jewel in the haircare niche, given the breadth and quality of its offering. We are grateful to both Stefano and Davide Zanzi for their trust, and we look forward to starting to work with them and their talented team to capitalise on the multiple growth opportunities ahead for HSA.”

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