Coty Inc. said it would buy hairstyle appliance maker Ghd for about £ 420 million (about $510 million) as the beauty company continues to grow through deals.

Ghd, which stands for "Good Hair Day," sells professional-grade hair straighteners, hairdryers and curlers, and made £ 178 million in revenue this year. Coty is buying Ghd from London-based private-equity firm Lion Capital, and the deal is expected to close by year's end.

Coty shares rose 1.6% in premarket trading.

Ghd has been working to expand from its core salon business and into premium retail and online sales.

"Not only do we expect Ghd to strengthen our professional hair portfolio and enable Coty to provide even better hair solutions, but we also believe there is strong growth potential for Ghd across several markets," Coty Chief Executive Camillo Pane said.

This month Coty closed its roughly $13 billion deal for Procter & Gamble Co.'s beauty and perfume portfolio.

In February Coty expanded its presence in Brazil by buying the personal care and beauty business of Hypermarcas SA for about $1 billion.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

October 17, 2016 09:45 ET (13:45 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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