Cosmetic Essence adds PE firm Littlejohn & Co. to majority owner.

Cosmetic Essence adds PE firm Littlejohn & Co. to majority owner.

Cosmetic Essence adds PE firm Littlejohn & Co. to majority owner.

Greenwich, Conn. private equity firm Littlejohn & Co. led the restructuring of Cosmetic Essence, Inc., a contract manufacturer for the cosmetics, fragrance, and skin care industries. New York-based investment management firm Garrison Investment Group with an investment, making the two majority owners.
 
Deal terms were not disclosed but the press release stated that the company is generating approximately $300 million in revenues. 
Cosmetic Essence once sat in the portfolio of Toronto-based private equity firm Onex Partners. The firm, through multiple vehicles, invested a total of $138 million in Cosmetic Essence in December 2004. By the end of 2008, the company missed its debt covenants and was unsuccessful in reaching an agreement with its lenders. The following year Onex sold its shares in the company to Cosmetic Essence’s lenders.
 
The company's interim CEO, Vincent Langone, managed the company’s recent turnaround. With funding from the new investors, Langone cited in the press release that the platform is in position to seek out opportunistic add-on acquisitions as part of its growth plan.
 
Littlejohn’s managing directors Edmund Feeley and David Simon will join the board of directors of Cosmetic Essence. 
 
Littlejohn invested in the personal care company using capital from its fourth fund which has $1.3 billion. The firm is known to invest in middle-market companies that are enduring fundamental change in capital structure, strategy or operations.
 
Garrison, meanwhile, focuses on middle-market credit, distressed and asset-backed investments. The firm has approximately $1.6 billion in assets under management and invests in corporate finance, financial assets and commercial real estate assets.
 

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