Physicians Formula Holdings, Inc is to be acquired by Swander Pace Capital in a definitive merger agreement for $4.25 per share, or approximately $65m.
The cosmetics and skin care company, which will be privately owned, will also remain based in Azusa, CA, and continue to be managed by the current company’s team and employees. The transaction is expected to close later this year.
“Our board of directors, following a thorough analysis by its special committee, has determined that this transaction offers the best value for our stockholders,” said Ingrid Jackel, Physicians Formula chairwoman and ceo. “We are pleased that Swander Pace has agreed to purchase our company. The firm has a record of success in acquiring and operating companies in the consumer space, and we believe they will add value to our business as we continue to successfully execute our growth initiatives.”