Crown Holdings has acquired Plantmade out of administration.WHO: Ghanaian-British entrepreneur Ana Amo-Agyei started Plantmade in 2020. Inspired by her struggles with hair loss, the brand arrived on the market at a time when many consumers were suffering from stress-related hair loss during the pandemic. The vegan haircare brand incorporates ingredients from Africa, South America, and South Asia with formulations that draw from Ayurvedic and African traditions. The direct-to-consumer brand was amplified by more than 340,000 followers across personal and company accounts.WHY: The founder stepped away from the brand after it fell into administration in June owing £1.8 million ($2.3 million).IN THEIR OWN WORDS: “Financial difficulties due to pressure from short-term lenders and threats of legal action/winding up petitions ultimately led to the director taking the steps to place the company into administration,” the administrator said.DETAILS:Crown Holdings, whose sole director is the businessman Toni Fola-Alade, acquired the assets of Plantmade for £30,000 ($40,000) through a “pre-packaged sale.”Fola-Alade is also the principal of Culture Capital, which invests in young companies alongside other wealthy investors.Founder Ama Amo-Agyei and her brother, Fred, and husband, Travis, are no longer involved in the brand as of October 10, according to an IG post.The new owners invested additional capital to stabilize operations, fulfill outstanding orders, and retain more than 15 staff members.Plantmade owed about $1.7 million to banks and other financial institutions, including around $570,000 to banking solutions provider Juni.