TAGS: Skin Care
Crown Laboratories, (“Crown”), Hildred Capital Management LLC (“Hildred”) portfolio company, and L Catterton, have entered into a definitive agreement under which Crown will acquire StriVectin®.
New Premium Skincare Division
Upon completion of the transaction, StriVectin®’s products will become part of Crown’s new Premium Skincare Division and will operate as a wholly owned subsidiary of Crown Laboratories. StriVectin® is ranked the most effective anti-aging skincare brand by consumers.
The acquisition strengthens Crown’s overall skincare product portfolio:
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Crown Aesthetics, maker of SkinPen®, the first FDA-cleared microneedling device
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Crown Therapeutics, maker of PanOxyl®, the #1 acne wash; Sarna®, the #1 Dermatologist recommended topical anti-itch brand and National Seal of Acceptance from the NEA; Blue Lizard® Australian Sunscreen, the #1 Pediatrician recommended mineral-based sunscreen brand
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New Crown Premium Skincare will include StriVectin®, comprised of a broad range of award-winning skincare solutions for all skin types, tones, and ages, including TL Advanced Tightening Neck Cream Plus, the #1 selling cream exclusively for the neck and décolleté, and Vita Liberata, a multiple award-winning sunless tanning brand
Next Generation Skincare Solutions
StriVectin®’s president, Cori Aleardi, will become president and chief commercial officer of Crown and will join the Crown Executive Leadership Team. StriVectin® will continue to be based in New York City.
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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. The addition of StriVectin® to Crown’s portfolio enriches our focus on partnering with our customers throughout their lifetime skin health journey.”
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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.”
The transaction is expected to close by mid-September 2021 and is subject to regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed. Other equity sponsors in Crown include Greenspring Associates and Montreux Growth Partners.
Source: Crown Laboratories