MN-based Clean Hair Care Brand Odele Takes on Minority Investment from Stride Consumer Partners

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Nov 16, 2023, 09:33 ET

MINNEAPOLIS, Nov. 16, 2023 /PRNewswire/ -- Minneapolis-based clean hair care brand, Odele, has partnered with Stride Consumer Partners LLC ("Stride"), a growth-equity investment firm focused on passion brands in consumer products and services, for a minority investment in the brand.

Odele Co-founders Shannon Kearney, Britta Chatterjee and Lindsay Holden

Launched in January 2020, Odele (a phonetic riff off of the Norwegian phrase å dele, which means "to share") was created by Lindsay Holden, Britta Chatterjee and Shannon Kearney, with the mission to make clean prestige hair care accessible + approachable for all–in other words, maximum results with minimum efforts. With extensive experience in the retail, marketing and manufacturing in both big box stores and smaller companies, the trifecta merged best practices and perspectives to disrupt shelves with a clean, premium collection of products developed by hair type + texture that are EU ingredient compliant, cruelty-free, vegan, dermatologist and pediatrician tested, with a gender-neutral, 100% natural fragrance.

A rapidly growing clean indie beauty brand now in their fourth year of business, Odele boasts over 20 products, national distribution with Target, CVS Pharmacy + Ulta Beauty, a thriving DTC business on odelebeauty.com and 30+ beauty awards. Notably, Odele's Volumizing and Smoothing regimens have been long-standing top performers, with Clarifying Shampoo, Dry Shampoo and Hair Oil becoming leads over the past year. The brand's impressive accomplishments–including 55% YOY growth, 2023 vs. 2022–can be attributed to the team's complementary skill sets and intrinsic understanding of their core consumers as well as a product line that exceeds expectations in both form and function for those with the most discerning tastes.

The growth capital from Stride Consumer Partners will fuel investment within key areas of Odele's business, namely marketing, talent and product innovation.

"When we launched Odele, we did so with the intention of bringing performance-first, clean, inclusive products to the shelf at an accessible price point and wrapped up in a beautiful bottle. We knew if we captured the consumer's attention and exceeded expectations in trial, they would come back for replenishment time and time again—and they have. We are beyond excited to partner with Stride. Their team is deeply knowledgeable, and their collaboration, from the initial conversation through the fundraise process, has left us inspired and confident that they are the right partner to help us continue this momentum and reach our ambition for Odele," said Odele Co-founder Lindsay Holden.

"At Odele, we built our company by prioritizing what is essential to us—an unwavering commitment to consumers through premium products, to retail partners through unprecedented service and to the planet by improving our carbon footprint. We're dedicated to building a brand that will last for generations—and that takes patience and sometimes restraint, which isn't always in alignment with the objectives and speed of private equity. We were drawn to Stride because they understood our vision and business philosophy and shared our commitment to people and the planet. We are thrilled to have found such strategic, thoughtful brand builders in Stride to join us on our journey of setting the standard for inclusive prestige performance at mass," stated Odele Co-founder Britta Chatterjee.

Steve Berg, Partner at Stride Consumer Partners, commented, "We were immediately impressed by the expertise and passion that Lindsay, Britta and Shannon bring to Odele. They've created a distinctive, authentic brand which reflects their beliefs and mission. We're grateful for the opportunity to support them as partners." Nicole Fourgoux, Stride Operating Partner, added, "Odele is moving the bar in clean performance hair care. We have seen this market segment thrive at prestige price points and are thrilled that the Odele team has made performance-first clean formulas accessible. We know that Odele's positioning has huge potential in the modern marketplace."

The Odele Co-founders remain the majority shareholders with this significant and timely financial investment.

William Blair & Company, LLC served as financial advisor and Faegre Drinker LLC served as the exclusive legal advisor to Odele. Raymond James served as financial advisor and Ropes & Gray LLC served as the exclusive legal advisor to Stride Consumer Partners.

About Odele:
Odele is clean beauty for you + your people. Premium, safe + inclusive hair and body care staples, made to be shared with all who share your shower. Developed by hair type + texture, all products are EU ingredient compliant, cruelty-free, vegan, dermatologist and pediatrician tested, with a gender-neutral, 100% natural fragrance. See more at odelebeauty.com and @odelebeauty.

About Stride Consumer Partners:
Stride is a private equity firm that specializes in partnering with talented and dynamic founders, entrepreneurs and business leaders to build the next generation of great consumer brands. Founded by a passionate group of experienced investor-operators, Stride's unique approach brings together a fully integrated team of successful investors working alongside seasoned operators to assist high-growth and disruptive consumer products and services businesses to hit their stride. Together, Stride supports its partners on their journey as they take decisive steps toward delivering on their vision. Within consumer, the firm focuses on the following areas of expertise: beauty & personal care, food and beverage, active lifestyle and multi-unit consumer services. The Stride team has had the pleasure of working side-by-side with the founders and teams of Brew Dr., The Bruery, Chomps, drybar, Essentia, First Aid Beauty, Jeni's Splendid Ice Creams, MacKenzie-Childs, Patrick Ta, Simms Fishing Products, Skinfix, Tatcha, Truewerk, TRX, Urban Decay and Yasso. For more information, please visit Stride Consumer Partners website.

SOURCE Odele