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Berkshire Partners LLC, the Boston-based private equity firm, and Rhône, a private equity firm with offices in New York and London, announced they have made minority equity investments in Coty Inc. For this reason, each of the investors will be represented on Coty's board of directors, and terms of the transactions were not disclosed.
"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."
Rhône managing director M. Steven Langman commented, “Coty is an established leader in the global fragrance, beauty and skin care 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.” And 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.”
BofA Merrill Lynch represented Berkshire Partners, and Morgan Stanley represented Rhône in this transaction.