BWX Limited has completed a deal with private equity firm North Castle Partners to buy skin and body care products maker Mineral Fusion Natural Brands LLC. Gil Pritchard, the former CEO of Avalon Organics, will lead the company as part of the deal.
Mineral Fusion was founded in 2007 as a mineral cosmetics brand. The Denver, Colorado-based target produces a variety of body, skin, nail and hair care materials. The target utilizes minerals and natural ingredients to make its products free of gluten, artificial colors, synthetic fragrances, talc and parabens. Mineral Fusion distributes its products to nearly 3,000 stores, including Whole Foods who is set to be acquired by Amazon (Nasdaq: AMZN).
BWX is an Australian manufacturer of branded body, hair and skin care products. Sukin, Derma Sukin, Renew Skincare, Uspa, and Edward Beale are among the buyer’s cosmetic brands. BWX, headquartered in Melbourne, Australia, focuses on three operations: brands, new product development and manufacturing.
North Castle is a Greenwich, Connecticut-based private equity firm. The PE firm first invested in Mineral Fusion in 2010. Equinox, World Health and Leiner Health Products are among the firm’s other investments.
Other middle-market beauty deals include: Catterton’s purchase of beauty products retailer Steiner Leisure Ltd.; Coty Inc.’s (NYSE: COTY) acquisition of more than 40 beauty brands from Proctor & Gable Co. (NYSE: PG); and Revlon Inc.’s (NYSE: REV) wager to buy cosmetics giant Elizabeth Arden Inc. for $419 million. Financial terms of the Mineral Fusion deal were not disclosed. Houlihan Lokey Inc. (NYSE: HLI) served as financial adviser to Mineral Fusion, while Morrison Cohen LLP acted as legal counsel.