Crown Laboratories to Acquire StriVectin

Crown Laboratories and L Catterton announce they will acquire StriVectin to create Crown Premium Skincare.

Crown Laboratories, a global skin care and Hildred Capital Management LLC portfolio company, and L Catterton, a private equity firm, recently announced the acquisition of StriVectin, with the transaction expected to close by mid-September 2021. The acquisition is subject to regulatory approvals and other closing conditions. The terms of the agreement weren’t disclosed, according to the press release. Other equity sponsors in Crown include Greenspring Associates and Montreux Growth Partners.1

Once completed, StriVectin’s products will be a part of Crown’s new premium skincare division and will operate as an owned subsidiary of Crown Laboratories. StriVectin’s current president, Cori Aleardi, will become the president and chief commercial officer of Crown and will join its executive leadership team.

According to Jeff Bedard, Crown Laboratories CEO, the partnership is diversifying and scaling the company and product portfolio.

“StriVectin will benefit from additional resources to expand infrastructure, support future growth, and deliver on our commitment to provide next generation skincare to every generation and put the science of skin health first," says Alerdi, in the release.

Crown’s new skincare portfolio will include:1

  • Crown Aesthetics, maker of SkinPen, the first FDA-cleared microneedling device.
  • Crown Therapeutics, maker of PanOxyl, an acne wash; Sarna, a topical anti-itch brand; Blue Lizard Australian sunscreen, a mineral-based sunscreen brand.
  • Crown Premium Skincare will include StriVectin, comprised of a broad range of skincare solutions for all skin types, tones, and ages, including TL Advanced Tightening Neck Cream Plus, and Vita Liberata, a sunless tanning brand.

"On behalf of Hildred, Greenspring, and Montreux, I am delighted to bring Crown and StriVectin together to create a world-class, comprehensive premium skincare portfolio and to welcome Cori and her colleagues to our team," said David Solomon, Hildred managing partner and chairman of the board for Crown Laboratories. "Both of these companies are generating impressive growth, and the opportunity for complementary growth between the two organizations is tremendous. The StriVectin portfolio complements Crown's current skincare offering and expands the combined organization's potential to grow and drive further product development, which is the heartbeat of any organization."

StriVectin was launched in 2002 as an antiaging skin care brand. With L Catterton, StriVectin has:1

  • expanded its consumer base to include all age demographics;
  • driven continuous innovation creating a 100% clinically tested product portfolio;
  • transformed its distribution into an omni-channel strategy, allowing the brand to be available wherever the consumer shops;
  • prioritized digital marketing to drive awareness and trial, resulting in a 3-year retail sales compound annual growth rate of over 20%; and
  • driven operational efficiency to significantly enhance margins and drive profitability.

Lowenstein Sandler, LLP, is acting as legal advisor to Crown Laboratories and Hildred. Hayfin Capital Management, LLP, is providing debt financing in connection with the transaction. Moelis & Company, LLC, is acting as exclusive financial advisor to StriVectin. Gibson, Dunn & Crutcher, LLP, is acting as legal advisor to StriVectin and Catterton.

Reference:

Crown Laboratories to acquire Strivectin, the #1 independent prestige skincare company in the U.S. Cision PR Newswire. Press release. Published August 26, 2021. Accessed August 30, 2021. https://www.prnewswire.com/news-releases/crown-laboratories-to-acquire-strivectin-the-1-independent-prestige-skincare-company-in-the-us-301363053.html