Glansaol, the Warburg Pincus-backed business, filed for bankruptcy in U.S. Bankruptcy Court in the Southern District of New York on Dec. 19, seeking to sell its assets to AS Beauty LLC.

WHO: Glansaol, the owner of Laura Geller, Julep, and Clark’s Botanicals, was formed by Alan Ennis, the former CEO of Revlon, with Warburg Pincus in 2016. The company is structured as a strategic start-up—brands were to sell outright to Glansaol, and the owners were to become investors in the parent company. The plan, eventually, was to take a business of between five and seven beauty brands public.

AS Beauty was formed by Alan and Joey Shamah, the founders of E.L.F. Beauty and Fit For Life, and the Azrak family, who previously ran a pajama business that was sold to Li & Fung in 2007.

IN THEIR OWN WORDS: “The board and management team have thoroughly assessed all of our strategic options and are confident that the proposed sale process represents the best path forward for the company,” said Nancy Bernardini, chief executive officer of Glansaol. “We are pleased to have entered into an asset sale agreement with AS Beauty and are excited for the company’s future.”

DETAILS:

• The company will reorganize and close its Seattle-based operations, which include three Julep salons and Julep’s corporate office.
• Glansaol’s operations will be consolidated into New York.
• Both Clark’s and Julep are said to be growing quickly, while Laura Geller has struggled, but its core collection, sources said, is doing well.
• Glansaol has retained Emerald Capital Advisors as financial adviser and Willkie Farr & Gallagher LLP as legal counsel. AS Beauty has hired Sill Cummis & Gross PC as legal adviser.