Gauge Capital-backed Beauty Industry Group has made an undisclosed investment in International Designs Corp. In addition to this funding, Richard Schoonover, founder of IDC, has been added to Beauty Industry Group’s board of directors. Based in Hollywood, Florida, IDC is a provider of professionally-installed hair extensions.
Beauty Industry Group (BIG), a portfolio company of Gauge Capital (Gauge), announced that it has made a strategic investment in International Designs Corporation (IDC). Founded in 2005 by Richard Schoonover and headquartered in Hollywood, Florida, International Designs Corporation is a leading provider of professionally-installed hair extensions and has a network of strategic distributors throughout the US, Canada, Brazil and over 40 countries worldwide.
“For over a decade, IDC has had a pioneering role in transforming the professionally-installed hair extension market and is continuing to develop innovative new products and shape market trends. We have found that IDC and BIG share similar visions for our core brands while both seeing new opportunities in the market. I decided that establishing a partnership with BIG and Gauge Capital would allow us to have a larger influence as the market expands,” said Richard Schoonover, founder of IDC.
“I have admired the success that Richard has created with the Hot Heads and Hair Talk brands. We both feel that creating this partnership will allow our companies to further solidify their capacity to source the highest quality hair extensions while improving our ability to meet the increased demand we are seeing in the market. I’ve never felt better about the direction of our business and together with IDC and Gauge we look forward to significant future growth,” said Derrick Porter, Chief Executive Officer at Beauty Industry Group.
Drew Johnson, Co‐Founder and Managing Partner at Gauge Capital said, “IDC has two of the most respected brands in the market with Hot Heads and Hair Talk. We are thrilled to bring the talent and experience that Richard and his team possess into our partnership with BIG.”
As part of the investment, Richard Schoonover has joined the Beauty Industry Group Board of Directors.
About International Designs Corporation
Founded in 2005 in South Florida, IDC’s brands are among the fastest growing and most innovative hair extension brands in North America. Its brands and quality are known worldwide and are currently found on 5 continents and in over 40 countries. IDC has created marketing and social media platforms that are among the best in this segment of the beauty industry.
About Beauty Industry Group
BIG, established in 2004 and headquartered in Salt Lake City, UT continues as an industry leader for professional hair extensions and related beauty products, with a network of more than 50 distributors throughout the world as well as a large direct-to-consumer presence. It also operates businesses in the cosmetic and distribution space.
About Gauge Capital
Gauge Capital is a private equity firm that partners with owners, managers and equity stakeholders of successful middle market companies to maximize their potential. Gauge Capital focuses on investing in growing services and technology-enabled companies in the business and consumer, healthcare and food sectors. For more information, please contact Andrew Peix, Principal and Director of Business Development at firstname.lastname@example.org.