Procter & Gamble Co. sold its Johnson Products Co. segment to RCJP Acquisition LLC., an independent entity comprised of private equity firms Rustic Canyon/Fontis Partners LP and St. Cloud Capital LLC.
Eric Brown will serve as chief executive, and Renee Cottrell-Brown will become executive vice president of Johnson Products. Brown previously worked for Alberto-Culver, while Cottrell-Brown operated Streetwise Marketing Solutions, a consulting firm.
Johnson Products offers more than 30 hair care products targeted toward African-Americans, and is located in Los Angeles. Johnson Products has annual sales of more than $23 million.
A P&G source told GCI that Johnson was a profitable business and a market leader in the African-American hair care segment, and built around relaxers. However, in order to remain competitive, P&G made the decision to focus on the core categories where it has the unique opportunity to win: hair care, conditioning, hair color, styling and cosmetics.