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Published January 20, 2020
Published January 20, 2020
Caryl Baker Visage Cosmetics

Equicapita Income Trust and Equicapita Investment Corp. (Equicapita) has acquired Toronto-based Visage Cosmetics, a franchisor of retail beauty and cosmetic services and products.

WHO: Founded in 1969 by Caryl Baker, Visage Cosmetics is the leading franchisor of retail beauty and cosmetics services and products in Ontario. With 31 locations throughout Ontario and one in Alberta, Visage Cosmetics has established enduring franchisee relationships and a reputation for outstanding guest service

Founded in 2013, Equicapita is a private company buyout fund with offices in Calgary, Alberta, and Burlington, Ontario, with over $300 million in AUM focused on acquiring private Canadian businesses with enterprise values ranging from $5 million to $50+ million.

WHY: The opportunity to invest in a successful beauty product and service business with a diverse and growing base of recurring royalty revenue adds industry diversification to Equicapita’s investment portfolio.

IN THEIR OWN WORDS: “Since acquiring Visage Cosmetics in 2013, Nathan Tam and Justin Dumitrescu, Visage Cosmetic’s owner-operators, and their senior management team have consistently grown system revenue and strengthened the business’ operating processes, brand and presence in the communities that Visage Cosmetics serves,” said Equicapita’s Managing Director, Eastern Canada, Adam Jezewski.

“Equicapita is targeting investment opportunities in the beauty product and services market due to its consistent demand profile in all economic environments and favorable long-term growth prospects. In addition to meeting these criteria, Visage Cosmetics has an experienced and dedicated senior management team, led by Nathan Tam and many successful, long-term franchisees. We are fortunate and excited to have the opportunity to partner with Nathan and the Visage Cosmetics team and franchisees to continue strengthening and growing the business and brand going forward.”


  • Equicapita has acquired Visage Cosmetics.
  • No financial terms were disclosed.
  • Founded in 1969 by Caryl Baker, Caryl Baker Visage was acquired by Tam and Dumitrescu in 2013.
  • Consistent with Equicapita’s investment mandate of assembling a diversified portfolio of long-established Canadian businesses, Visage Cosmetics has 50 years of operating history serving communities across Ontario.
  • Visage Cosmetics’ track record of generating consistent, profitable growth through excellent customer and supplier relationships represent cornerstones of Equicapita’s investment strategy.
  • Visage Cosmetics is Equicapita’s thirteenth portfolio company acquisition, and its second beauty product and service investment.
  • Norton Rose Fulbright Canada LLC and MNP Corporate Finance Inc. advised Equicapita on the transaction.

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