MAV Beauty Brands has obtained the approval of the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (CCAA) for the sale of substantially all of its assets and its subsidiaries to an affiliate of Nexus Capital Management. MAV Beauty Brands anticipates its operations will continue uninterrupted in the ordinary course of business.
WHO: MAV Beauty Brands, founded by celebrity hairstylist Marc Anthony Venere, is a global haircare and personal care platform that manages independent brands. The company has a diversified portfolio of four complementary brands—Marc Anthony True Professional, Renpure, Cake Beauty, and The Mane Choice. These products are sold in over 25 countries worldwide and in many major retailers.
Founded in 2013, Nexus Capital Management is an alternative asset investment management company based in Los Angeles, California. Nexus employs a flexible investment mandate that focuses on long-term value creation by partnering with leading management teams and businesses.
WHY: The transaction and CCAA proceedings conclude a previously announced strategic review process to identify, review, and evaluate potential strategic alternatives.
IN THEIR OWN WORDS: Michael Cohen, Partner at Nexus, said, "Nexus invests in leading companies and management teams across industries. With MAV Beauty Brands, we see strong long-term potential in the Company's iconic brands, high-quality products, and loyal consumer base."
Kayla Dean Obia, Vice President at Nexus, added, "We have established a new capital structure and strategic plan designed to renew growth and profitability, which will enable the Company to invest in new product innovation and build on its partnerships with retailers."
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