Canadian personal care company MAV Beauty Brands, founded by celebrity hairstylist Marc Anthony Venere, has raised C$242 million ($182 million) in its initial public offering by pricing each share at C$14 ($10.64). The company is expected to list on the Toronto Stock Exchange under the symbol MAV.

WHO: Marc Anthony Venere founded the company in 1995, and it has evolved into an innovation-focused, next-generation platform consists of complementary and rapidly growing personal care brands: Marc Anthony True Professional, Renpure, and Cake Beauty. The brands’s products are sold in over 25 countries around the world, in over 100 major retailers and through over 80,000 doors.

DETAILS:

• MAV Beauty Brands raised C$242 million ($182 million) in its initial public offering (IPO) by pricing each share at C$14 ($10.64), according to Bloomberg.
• Proceeds from the sale will be combined with borrowings from a new credit facility to retire the company’s outstanding debt.
• The company will not receive any of the proceeds from the stock sold by its current shareholders, TA Associates, Redmond Holdings, and an entity owned by the company’s founder.
• The company is expected to list on the Toronto Stock Exchange under the symbol MAV.
• US private equity firm TA Associates Management acquired Marc Anthony in 2016 for about C$230 million.
• The company expanded its beauty business this year by acquiring Canadian hair and skincare company Cake Beauty.
• CIBC Capital Markets, RBC Capital Markets, and Jefferies Securities acted as active joint bookrunners for the offering.
• The sale was led by Canadian Imperial Bank of Commerce, Royal Bank of Canada, and Jefferies Securities, Inc.