Boston, Massachusetts and New York, New York, January 25, 2011 – Berkshire Partners LLC, the Boston-based private equity firm, and Rhône, a private equity firm with offices in New York and London, today announced they have made minority equity investments in Coty Inc., a leading global beauty company. Each of the investors will be represented on the company’s Board of Directors. Terms of the transactions were not disclosed.
Coty announced several strategic acquisitions in late 2010, including OPI, a preeminent provider of nail care products; philosophy, Inc., a premier skin care and cosmetics company; TJoy, a leading Chinese skin care company; and Dr. Scheller Cosmetics AG, manufacturer of some of Germany’s most popular makeup and skin care brands. With these additions, Coty continues to strengthen its unparalleled brand portfolios in fragrance, color cosmetics and skin care around the globe.
Rhône Managing Director M. Steven Langman commented, “Coty is an established leader in the global fragrance, beauty and skincare industry, with an impressive collection and diversity of consumer brands. Rhône is excited to be partnering with Coty, its management team and its shareholders in this transaction and to support Coty in the realization of its strategic plans.”
Berkshire Managing Director Brad Bloom commented, “We are impressed by Coty’s rich heritage, unique culture, and the deep connections its brands have with consumers. We look forward to supporting Coty in this exciting chapter of the company’s growth.”
“This mutually beneficial agreement allows Coty to continue its accelerated growth path organically and externally around the globe,” said Bernd Beetz, CEO, Coty Inc. “By bringing these partners on board, Coty will be in a stronger position to prepare for future and larger acquisitions while maintaining the culture that makes Coty such a unique place in the beauty industry.”
BofA Merrill Lynch represented Berkshire Partners, and Morgan Stanley represented Rhône in connection to the transaction.
[Text/Logo: Coty inc]