Sentio Insight provided Financial Due Diligence to Growth Partner for its minority investment into Stockton-based hair extensions products company, which will support its international growth plans.
Additional Lengths was founded by Victoria Lynch in 2003 and now sells a range of hair extensions, alongside accessories, styling tools and aftercare products.
Over the last five years, the business has achieved significant growth with sales surging from £5m to more than £18m. Additional Lengths also relocated to a larger distribution centre and headquarters to meet growing demand and accommodate new staff.
The investment from Growth Partner, which is backed by HomeServe founder and chief executive Richard Harpin, will support the acceleration of strategic opportunities for the business to expand the team, grow internationally and launch new products
The business is now in the process of opening a new flagship site in Stockton at the start of 2023, which will update the existing offering and bring together a specialist hair extension salon, retail store and professional training centre for qualified hairdressers.
Growth Partner investment director Alex Marsh led the deal and joins the board as non-executive director.
Additional Lengths managing director Victoria Lynch said: “This is such an exciting time for the company, and I am so proud to have built such a strong foundation to achieve what we have to date.
“You could say we have achieved this as organically as the products we sell – without a sales team, reliance on influencer marketing or previous external investments. Add just two of those into the mix and you can imagine the growth levels we could hit.”
She added: “Partnering with leading business entrepreneur Richard Harpin and his highly skilled team at Growth Partner, was an offer I couldn’t let pass, as we can accelerate the business to the next level and deliver our future plans both domestically and internationally, whilst remaining unique and independent in a competitive market.”
Alex Marsh added: “Hair extensions have become one of the fastest growing categories across hair & beauty as its demographic appeal continues to widen. The products have such an instant and transformational impact on a person’s look, that they quickly become embedded within the everyday lives of users – who as a consumer group (hair professional and end consumer) have an increasing focus on quality, service, and consistency of hair product performance.
Ian Robinson, Partner at Sentio Insight, provided the Financial Due Diligence to Growth Partner.