StriVectin is being acquired after turning around its business under the guidance of chief executive officer Joan Malloy.
Crown Laboratories, a Hildred Capital Management LLC-owned portfolio company, will acquire StriVectin from L Catterton, which bought the business in 2009. The deal is expected to close by mid-September, with Greenspring Associates and Montreux Growth Partners listed as additional equity sponsors in Crown. Further terms were not disclosed.
More from WWD
StriVectin will be a wholly owned subsidiary of Crown. It will join Crown’s newly formed Premium Skincare Division, which also includes Vita Liberata. Cori Aleardi, StriVectin’s president, will be elevated to president and chief commercial officer of Crown.
In 2016, after hiring Malloy, StriVectin began a transformation that included scaling back distribution, cutting the hair category, focusing on Generation X and hiring key executives. The business was profitable by 2018, with industry sources estimating it had about $80 million in net sales, WWD reported.
StriVectin’s focus on digital marketing has led to a three-year retail sales compound annual growth rate of 20 percent, the company reported.
Jeff Bedard, Crown Laboratories’ chief executive officer, complemented StriVectin’s “impressive team,” “proven business model” and “premier product portfolio” via statement.
“We are particularly excited that Cori [Aleardi] 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,” Bedard said.
Aleardi said in a statement that under Crown, StriVectin stands “to expand infrastructure, support future growth” and continue to prioritize skin health science.
Avik Pramanik, a partner of L Catterton’s Flagship Buyout Fund, expressed confidence in Crown’s ability to further grow StriVectin, which he called “the largest independent brand in the U.S. prestige skincare market with broad geographic and multigenerational appeal.”
MORE FROM WWD.COM: