Crown Laboratories, a global skincare company and a Hildred Capital Management LLC portfolio company, and L Catterton, a global consumer-focused private equity firm, have entered into a definitive agreement under which Crown will acquire StriVectin. Other equity sponsors in Crown include Greenspring Associates and Montreux Growth Partners.
Launched in 2002, StriVectin is an anti-aging skincare brand.
“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 think the 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 StriVectin together to create a world-class, comprehensive premium skincare portfolio and to welcome Cori and 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.”
L Catterton has significant experience investing globally in the beauty and personal care category. Current and past investments include Function of Beauty, Il Makiage, Tula, Steiner Leisure, Intercos, Marubi S.p.A, Elemis, and many others.
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 & Co LLC is acting as exclusive financial advisor to StriVectin. Gibson, Dunn & Crutcher LLP is acting as legal advisor to StriVectin and L Catterton.