Catterton Partners and Highland Consumer Fund have acquired cosmeceutical brand StriVectin and related assets from affiliates of Klein-Backer. No financial terms were disclosed.
Catterton Partners, one of the nation’s leading consumer-focused private equity firms, today announced hat, through a holding company, it has acquired the StriVectin brand and related assets from affiliates of Klein-Becker. Chrysallis, the premier management team in the beauty and personal care industry, led by Chief Executive Officer Melisse Shaban and Chief Marketing Officer Jill Scalamandre, will lead the new company. The partnership between Catterton and the Chrysallis management team marks another in a number of successful endeavors between the two groups, the most notable of which was Frederic Fekkai & Co., which was sold in 2008.
StriVectin is a leader in the global skincare market, which is expected to reach $58.2 billion by 2012, an increase of 17.6% since 2007.(1) Lauded as the “stretch-mark cream turned anti-wrinkle phenomenon” since being introduced in 2003, StriVectin is the fastest growing anti-aging brand and one of the top 20 prestige skincare brands in the United States.(2) Its clinically proven formulations have earned the enthusiasm of millions of consumers and top honors at the “Les Grands Prix Advantages de la Beaute” (Advantages Grand Prix of Beauty) in Paris. Today, the StriVectin line encompasses a range of anti-aging products with a targeted, problem-solution positioning, including StriVectin(R) Instant Facial Sculpting Cream, StriVectin-SD(R) Eye Cream, StriVectin(R) Neck Cream, and StriVectin(R)-WF Instant Deep Wrinkle Filler. StriVectin products are sold through leading retailers as well as direct marketing channels around the world, with the largest presence in the United States, France and the United Kingdom.
“The skincare market is no longer about aspirational luxury; it’s about what works and in this regard, we see tremendous value in the StriVectin brand,” said Ms. Shaban.
“StriVectin’s record of profitable growth is a tribute to its customer centric marketing and targeted formulations, which helped create the cosmeceutical skincare category. With this transaction, we intend to build on these strengths and our own expertise to further enhance StriVectin’s product portfolio and extend its global reach. We will be looking at new technologies to strengthen StriVectin’s strong clinical positioning, thereby increasing value to the end consumer,” continued Ms. Shaban.
“The StriVectin brand is well positioned for today’s skincare consumer wanting efficacious, solution-focused skin treatments with proven results,” said Ms. Scalamandre. “Currently, the brand experiences a loyal customer base that is highly engaged in the skincare category. These StriVectin enthusiasts provide an extraordinary word of mouth advocacy on the brand’s authenticity and product efficacy. Going forward, we see opportunities to address a wider range of skincare needs for a more diverse base of consumers in a broader range of markets.”
“We are very proud of what StriVectin has achieved, and are delighted that with this transaction, StriVectin will be part of a team that has a solid record of growing and nurturing powerful brands,” said Gina Daines, Director of Marketing for Klein-Becker.
Highland Consumer Fund invested alongside Catterton Partners in the transaction. Terms of the transaction were not disclosed.
(1) Source: Datamonitor, February 12, 2009
(2) Source: NPD Group, April 2009
About Catterton Partners
With more than $2.3 billion under management, Catterton Partners is a leading private equity firm in the United States focused exclusively on the consumer industry. Since its founding in 1990, Catterton has leveraged its investment capital, strategic and operating skills, and network of industry contacts to establish one of the strongest investment track records in the consumer industry. Catterton invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, and Media and Marketing Services. Catterton has led investments in companies such as Breyers Yogurt, Nature’s Variety Pet Food, The Worth Collection, Build-A-Bear Workshop, Cheddar’s Restaurants, P.F. Chang’s China Bistro, Baja Fresh Mexican Grill, Frederic Fekkai, Wellness Pet Food, Kettle Foods, Odwalla and Heartland Recreational Vehicles. More information about the firm can be found at http://www.cpequity.com.
About Chrysallis: The Beauty of Evolution
The Chrysallis management team was established to help grow innovative brands in the health and beauty category. Chrysallis’s successes to date have included Frederic Fekkai & Co, LLC, a leading luxury salon, hair care brand, and provider of beauty products, Niadyne, Inc., a company dedicated to the discovery and development of uniquely efficacious topical products, and the Canyon Ranch YOUR TRANSFORMATION(TM) collection, a line of luxury skincare products focused on renewing, repairing and resisting skin damage from the inside and outside. Chrysallis is headquartered in New York, New York.