Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact firstname.lastname@example.org.
SOURCE HCP & Company
CHICAGO, June 18, 2014 /PRNewswire/ -- HCP & Company today announced the signing of an agreement to sell its investment in NYX Cosmetics to L'Oréal, as part of the sale of the company.
NYX Cosmetics, created in 1999 by entrepreneur Toni Ko, has become a disruptive beauty brand with a passionate consumer base. Rooted in professional makeup artistry, NYX is characterized by high quality, on-trend professional color cosmetics at attractive price points. NYX has achieved its prominence through social media becoming one of the top beauty brands on Instagram and You Tube.
NYX is one of the fastest growing color cosmetics brands in the United States with projected 2014 revenues expected to surpass $100 million. Since HCP's initial investment, NYX's revenue has increased more than five-times while significantly expanding its shelf presence and distribution. The brand is currently distributed through professional beauty stores, specialty cosmetics stores, eCommerce and some NYX branded stores. The company ranks among the top selling brands in each of its North American retailers.
"We met Toni when NYX was still an emerging brand and in partnership with her, we helped to build a world class management team, enhance customer relationships and support the growth through strategic focus," said HCP's Managing Partner and NYX board member, Carlos Signoret.
"HCP has been an amazing partner to work with in growing the business. They have added tremendous value, and I would recommend this team to any entrepreneur or business owner," said Toni Ko, NYX's Founder and Chairwoman.
"The entire NYX team has done a tremendous job of rapidly growing the company while remaining true to their brand and its values. We are fortunate to have worked with such a passionate and dedicated team and are confident they will thrive with their new partners," said Jim Bland, Principal from HCP and NYX board member. "HCP was incredibly supportive of our team and encouraged us to invest in our vision of becoming one of the top cosmetics brands in the world," added CEO Scott Friedman.
Terms of the transaction were not disclosed. Closing of the transaction is subject to regulatory approval.
NYX Cosmetics and HCP & Company were advised by Piper Jaffray and Morgan, Lewis & Bockius LLP. L'Oréal was advised by Lazard and Weil, Gotshal and Manges, LLP.
About HCP & Company
HCP & Company is a private equity firm specializing in growth equity and buyout investments in companies with attractive growth prospects. HCP seeks to generate sustainable, long-term value for its partners through sector-specific (consumer products, education and healthcare services) investment strategies. The firm has approximately $215 million in assets under management. More information can be found at www.hcpcompany.com
©2012 PR Newswire. All Rights Reserved.