Key numbers
$630 million (Church & Dwight, 2022)Acquisition price
~$115 million at ~40% EBITDA marginNet sales (TTM to Jun 2022)
5.5x revenue / 14x EBITDAValuation multiple
#1 acne patch brand; ~8,000 retail doorsUS distribution
The product
Mighty Patch is a drug-free hydrocolloid patch that you stick over a pimple overnight; it absorbs fluid and visibly flattens the blemish by morning. The line grew from the Original patch to seven varieties - nose strips, full-face, invisible daytime patches - priced from about $12.99 to $32, alongside a wider acne-care range of about 30 SKUs. Products sell on Amazon, DTC, and in roughly 8,000 US doors including Target, Ulta, CVS, Kohl's, and Urban Outfitters. The key differentiator is positioning: instead of harsh spot treatments with benzoyl peroxide, Mighty Patch is gentle, skin-friendly, and 'problem/solution' - you see the gunk it absorbed, which makes the benefit visible and shareable. About 70% of customers enter the brand through a Mighty Patch purchase, making it a powerful traffic driver.
How they did it
Ju Rhyu, a former Brownie brand manager at General Mills, discovered pimple patches while working in Korea and was stunned that no major US brand had popularized them. She teamed up with designer Dwight Lee and Andy Lee, and they launched Mighty Patch on Amazon at the end of 2017 as a self-funded side bet, with Rhyu still consulting on the side. The patch took off through Amazon search and word of mouth, then exploded during 2020-2021 as mask-wearing drove 'maskne' and hydrocolloid patches went mainstream on TikTok. Revenue grew from $100 million in 2021 to a trailing-twelve-month $115 million by June 2022 with roughly 40% EBITDA margins - achieved with only a single minority growth investment from Aria Growth Partners in 2021. In October 2022 Church & Dwight agreed to acquire Hero for $630 million (a 5.5x revenue multiple), with the three founders staying on to run the brand. The acquisition validated the founders' belief that a tiny, focused team could beat beauty conglomerates in a single category.
Why it worked
- Imported an already-proven product format from Korean skincare into an under-served US market instead of inventing from scratch
- Amazon-native launch: self-funded, profitable early, and scaled on search demand rather than burn-heavy paid marketing
- Visible results create virality: the patch physically shows the extracted gunk, making before/after content effortless on TikTok
- Ruthless focus on one category problem, which let a tiny team own the #1 position before expanding SKUs
Figures are compiled from public sources and may include estimates. Always verify before making business decisions.