Patriarch Partners acquires Stila Cosmetics – 20/04/09
Published: 20/04/09
Source: Wall Street Journal; The Moodie Report
By Rebecca Mann
US. New York-based private equity firm Patriarch Partners has agreed to acquire make-up artist brand Stila from Wachovia Corp and CIT Group, according to a report in The Wall Street Journal. The terms of the deal were not disclosed.
Stila was formerly owned by The Estée Lauder Companies, who sold the brand to Sun Capital in 2006.
Just two months ago, Stila Corp confirmed three high-profile appointments to its International division, as part of its strategy to further build its global presence, to include the travel retail channel. But the brand has been struggling in the face of the continued worldwide economic downturn, and Sun Capital is said to have walked away last month.
Patriarch was founded in 2000, and has since evolved into a global investment firm that concentrates on direct investments in distressed businesses, managing funds with over US$6 billion of equity and secured loan assets with equity investments in more than 70 companies, and controlling interests in approximately two-thirds of these.
Stila is an internationally recognised cosmetics brand, known for its whimsical and stylish range of make-up, skin care, and fragrance products, as well as eco-friendly packaging.
MORE STORIES ON STILA
Stila targets travel retail with new appointments - 23/02/09
BrandWorks masterminds stila renaissance - 11/12/08
Estée Lauder Companies sells Stila Brand - 12/04/06
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