Olaplex has snapped up Purvala Bioscience – the hair care company’s first acquisition in its 11-year history.
The bond repair giant has acquired the Boston-based biotech company for an undisclosed sum as part of “its commitment to product innovation”.
Purvala Bioscience was founded in 2020 by Dr Bradley Olsen and develops bio-inspired technologies with applications across the health and beauty industries.
Dr Olsen, who also serves as a Professor of Chemical Engineering at MIT in the US, is focused on the creation of molecules inspired by naturally occurring biological structures.
“Since the very beginning, Olaplex was founded on the concept of innovation, with its original groundbreaking technology designed to empower stylists and their clients to achieve transformative results,” said Olaplex CEO Amanda Baldwin.
“Scientific breakthroughs are what continue to inspire us as we remain committed to delivering the best possible products for our stylist community and our consumers.
“What we have accomplished to date has already left such a meaningful impact on our industry.
“And we believe that with Purvala Bioscience we have the potential to create the next generation of disruptive science-backed product innovation alongside our patent-protected bond-building technology, Bis-amino."
Olaplex is know for its bond-building hair care formulations
This is the first acquisition Olaplex has made since launching more than ten years ago.
The hair care brand is best known for its bond-building product formulations.
Beauty mergers and acquisitions have been hotting up this year.
L’Oréal has bought both hair care brand Color Wow and vitamin A skin care specialist Medik8 to strengthen its portfolio.
Unilever has snapped up male grooming brand Dr. Squatch and personal care brand Wild to further cement its position in the personal care space.
Plus, Hailey Bieber’s Rhode has been acquired by e.l.f. Beauty for US$1bn.