Courtney Adeleye did not begin her career with dreams of dominating the beauty aisle. The Detroit native was a registered nurse who started making hair products at home after struggling to find effective options for her own healthy-hair journey.
The Mane Story
She documented her results on YouTube, and viewers wanted to buy what she was mixing. Adeleye invested roughly $500 to launch The Mane Choice in 2013. She said the company sold $10 million worth of products from her home during its first three years. Within six years, it had generated more than $100 million in cumulative sales and reached thousands of retail stores.
That growth eventually caught the attention of MAV Beauty Brands, a global beauty company that owns and operates a portfolio of haircare and personal-care brands. The company ultimately pursued a deal to acquire The Mane Choice, but Adeleye nearly walked away from the transaction at the last minute.
In an interview last month with The Jasmine Brand, she admitted that she entered the negotiations without any experience selling a company.
“I was green. I had never done an acquisition before,” Adeleye said. “They do play those games. It’s called business. I just didn’t know.”
One of her biggest lessons came before the sale.
Adeleye reportedly discovered that she did not own a crucial asset behind The Mane Choice: its product formula. The manufacturer controlled it and initially refused to turn it over.
That revelation could have weakened the company’s value and complicated any potential sale. After all, buyers are not only purchasing a recognizable name. They want control of the formulas, trademarks, customer data, and intellectual property that keep the money flowing.
Adeleye responded by stopping her orders with the manufacturer. The move placed financial pressure on the company and ultimately brought it back to the negotiating table. It was an aggressive decision, but it showed that the former nurse understood leverage long before she learned the finer points of acquisitions.
The challenges continued once the sale negotiations began. According to Adeleye, the terms kept changing as the closing approached. She decided that one more revision would end the process.
“I actually did back out of it at the very last minute,” she revealed. “And I meant that. It wasn’t a threat.”
Walking away would have meant leaving life-changing money behind. It also could have delayed The Mane Choice’s opportunity to expand internationally. Adeleye was still willing to do it rather than accept an agreement she no longer trusted.
The buyer changed course almost immediately.
“Within 30 minutes, I got a phone call like, ‘Oh, we’re good to go. We close as is,’” Adeleye recalled.
MAV Beauty Brands completed the acquisition in November 2019. The deal included $29 million in upfront cash, $9 million in equity and up to $52.5 million in performance-based earnout payments. The Mane Choice had generated approximately $24.4 million in net sales during the previous 12 months, according to a company press release.
The sale also made Adeleye part of a complicated debate about Black founders selling companies that their communities helped build. She understands why customers may feel disappointed when a Black-owned brand changes hands. However, she argues that founders must also consider valuation, expansion, and the possibility of creating generational wealth.
“You’re hit with some real decisions,” she explained. “I’m a businesswoman core and core, through and through.”
Adeleye did not disappear with a check. She used the experience as proof that her ability to build The Mane Choice could be repeated.
“When you look at real business, it’s not a one-time thing,” she explained. “If you can do it once, nine out of 10 can do it again.”
She returned to the beauty industry with Watch & Sea Beauty, a hair, skin, and body care company that quickly secured placement at Target. Her business portfolio has also included Cool Coffee Clique, women’s health brand Foolproof Body and the former beauty and wellness platform Olbali, according to Beauty Independent.
Adeleye expanded her impact beyond retail by committing $30 million of her personal capital to the Generational Advantage Fund, Essence reports. The initiative supports entrepreneurship, financial literacy, housing, scholarships, mentorship and access to capital for women and communities of color.