US based Swander Pace Capital has acquired mineral make-up brand gloProfessional from US private equity firm North Castle Partners after almost seven years as brand owner. Financial terms of the transaction were not disclosed.
Mark Hayden, founder and CEO of gloProfessional and Sean Butler, President, will continue to lead the company and remain minority shareholders. As a leading mineral make-up brand in the US professional beauty channel, gloProfessional operates under the glominerals make-up, gloessentials hair care and glotherapeutics premium skin care brands. In addition to specialty retailers, the brand is sold at roughly 5,000 dermatologists clinics, spas and salons in the US and internationally.
"Our investment in glo was a successful exit for North Castle and represents another strong partnership within the personal care sector," said North Castle Managing Director Jon Canarick. "During North Castles ownership, glo has been transformed from a distributor with only half of its sales being generated from proprietary brands to a company that realises virtually all revenue from its suite of glo brands. We believe the company is well positioned for further growth."
The acquisition is in line with Swander Pace’s goal to ramp up its portfolio of personal care brands. Last September, the company was to acquire Physicians Formula Holdings for $65m, before the agreement was unexpectedly terminated and the company sold to beauty manufacturer Markwins International Corporation instead.