Elevation Labs, which is backed by Clearview Capital, has acquired Aurora, Colorado-based Colorado Quality Products LLC, a maker of personal care products. No financial terms were disclosed.
Stamford, CT, August 21, 2018 — Elevation Labs, a portfolio company of Clearview Capital Fund III, LP (“Clearview Fund III”), has completed the acquisition of Colorado Quality Products, LLC (“CQP”) of Aurora, CO. This transaction closed on July 27, 2018. In conjunction with the transaction, the portfolio company has been rebranded as Elevation Labs, which serves as a holding company for its three divisions – Northwest Cosmetic Laboratories, LLC (“NCL”), Dream Team Beaute, LLC (“Dream Team”) and CQP.
Elevation Labs is a leading formulator and manufacturer of innovative skin care and color cosmetic products for prestige beauty brands. CQP is a rapidly growing manufacturer of high quality personal care products with unique capabilities in the formulation of natural and organic products. This acquisition will expand Elevation Labs’ R&D capabilities while adding many new customer relationships that can now access the combined company’s broader product offerings. CQP’s entire management team, led by its President, Worth Turner, will remain with the company and work closely with Elevation Labs’ other divisions to drive growth opportunities for the combined company.
“Colorado Quality Products is a perfect fit with the business we are building at Elevation Labs,” said Michael Hughes, President and CEO of Elevation Labs. “CQP brings significant expertise and certifications and has a reputation for creating innovative natural and organic products. This sector is experiencing rapid growth driven by consumers that are increasingly demanding clean and natural ingredients in their products. We can offer CQP customers access to new product categories, such as regulated over-the-counter (“OTC”) products and color cosmetics,” Hughes added. “We have established a great working relationship with Worth and his team, our cultures and principles are very aligned. We look forward to blending our capabilities to accelerate the growth for our customers.”
“We were looking for a partner that could help us expand our reach and Elevation Labs brings exactly the right combination of capabilities, reputation and scale to help us achieve our goals,” commented Worth Turner. “We are excited to partner with Elevation Labs and Clearview Capital in this next stage of our growth.”
“By combining CQP with NCL and Dream Team, we are building the premier formulator and manufacturer of high quality skincare, innovative color cosmetics and natural and organic personal care products,” said Bill Case, Partner at Clearview Capital. “We will continue to invest in new capabilities and talent in all three divisions to better serve our expanding base of prestige beauty brands.”
CQP is Elevation Labs’ second add-on acquisition and marks Clearview Fund III’s eighth acquisition in the last twelve months.