Just when you thought Coty had its fill on buying up beauty brands, the firm announced today that it has reached a definitive agreement to acquire ghd, a high-end hairstyling appliances brand from Lion Capital LLP for approximately $510 million in cash. According to a release, the transaction will be funded with a combination of cash on hand and available debt facilities. Ghd, which stands for Good Hair Day, came onto the US market about 10 years ago, and has since expanded its professional distribution base to high-end retailers and e-commerce with its premium-priced blow dryers, flatirons, curlers and other hairstyling appliances. The firm, which is based in London and has global distribution, generated $216.3 million in revenues in fiscal year 2016. Over the past three years, ghd grew worldwide sales by 30 percent. Ghd will become part of the Coty Professional Beauty division, where it will be managed as a standalone business led by its current CEO, Anthony Davey, and management team. Anthony Davey will report to Sylvie Moreau, President of Coty Professional Beauty.