Crown Laboratories, a Hildred Capital Management portfolio company, has entered into a definitive agreement with L Catterton to acquire StriVectin.
WHO: Launched in 2002, StriVectin is ranked the most effective anti-aging skincare brand by consumers and is backed by clinical research and its proprietary NIA-114 technology. L Catterton has partnered with management to drive significant growth and value creation through a strategic plan focused on marketing and operational enhancements. StriVectin products are sold through department stores and specialty retailers in North America, Europe, and Asia.
Crown Laboratories, a privately held, fully integrated global skincare company, is committed to developing and providing a diverse portfolio of aesthetic, premium beauty, and therapeutic skincare products that improve the quality of life for its customers. An innovative company focused on skin science for life, Crown's unyielding pursuit of delivering therapeutic excellence and enhanced patient outcomes is why it has become a leader in Dermatology and Aesthetics. Crown has been listed on the Inc. 5000 Fastest Growing Privately Held Companies List for eight years and has expanded its distribution to over 38 countries.
WHY: The acquisition strengthens Crown's overall skincare product portfolio.
IN THEIR OWN WORDS: "Partnering with StriVectin is an exciting and significant next step in diversifying and scaling our organization," said Jeff Bedard, Crown Laboratories CEO. "StriVectin has assembled a truly impressive team, a proven business model, and a premier product portfolio that is beloved by its customers. We are particularly excited that Cori will be assuming a senior executive role at Crown, helping to guide the merged businesses, and we thinkthe combined talents of both teams will enable us to accelerate growth across all our product areas. The addition of StriVectin to Crown's portfolio enriches our focus on partnering with our customers throughout their lifetime skin health journey."
“We are excited to build on our success in this next chapter as StriVectin continues to redefine the science of skincare and changes the way people feel about their skin," added Cori Aleardi, President of StriVectin. "As part of Crown, StriVectin will benefit from additional resources to expand infrastructure, support future growth, and deliver on our commitment to provide next generation skincare to every generation and put the science of skin health first.”
“On behalf of Hildred, Greenspring and Montreux, I am delighted to bring Crown and StriVectintogether to create a world-class, comprehensive premium skincare portfolio and to welcome Coriand her colleagues to our team," said David Solomon, Hildred Managing Partner and Chairman of the Board for Crown Laboratories. "Both of these companies are generating impressive growth, and the opportunity for complementary growth between the two organizations is tremendous. The StriVectin portfolio complements Crown's current skincare offering and expands the combined organization's potential to grow and drive further product development, which is the heartbeat of any organization.”
“When L Catterton invested in StriVectin in 2009, we saw a fantastic opportunity to transform a niche product into an iconic premium skincare brand, changing the game in beauty with a scientific approach to formulation," said Avik Pramanik, a partner of L Catterton's Flagship Buyout Fund. "Working together with the talented management team, we established StriVectin as the largest independent brand in the U.S. prestige skincare market with broad geographic and multi-generational appeal. We are pleased to have played a role in their dramatic growth and are confident that Crown is the right partner for StriVectin as they strive to continue their strong growth and reach their next level of success.”
“L Catterton's support of StriVectin showcases the firm's expertise as a brand-builder," said Joan Malloy, Chief Executive Officer of StriVectin. "They were true partners throughout the brand journey, bringing strategic, operational, and industry expertise to foster innovation, growth, and market expansion.”
- Crown Laboratories, a Hildred Capital Management portfolio company, will acquire StriVectin from L Catterton. Terms of the transaction were not disclosed. Other equity sponsors in Crown include Greenspring Associates and Montreux Growth Partners.
- Upon completion of the transaction, StriVectin will become part of Crown's new Premium Skincare Division and will operate as a wholly owned subsidiary of Crown Laboratories.
- StriVectin's President, Cori Aleardi, will become President and Chief Commercial Officer of Crown and will join the Crown Executive Leadership Team.
- StriVectin will continue to be based in New York City.
- Lowenstein Sandler, LLP is acting as legal advisor to Crown Laboratories and Hildred. Hayfin Capital Management, LLP is providing debt financing in connection with the transaction. Moelis & Company LLC is acting as exclusive financial advisor to StriVectin. Gibson, Dunn & Crutcher LLP is acting as legal advisor to StriVectin and L Catterton.
- Catterton Partners acquired StriVectin and related assets from affiliates of Klein-Becker in July 2009.
- In 2017 Hildred Capital Partners, LLC acquired Crown Laboratories.
- In 2018 Crown acquired Vita Liberata, Bellus Medical, launching its beauty and aestheticportfolios, and acquired multiple products from GlaxoSmithKline.
- In 2019 Crown acquired Keri Lotion and Xycrobe Therapeutics, an innovator in skin microbiome technology.
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