Gryphon Investors has announced its entry into the beauty sector with the acquisition of a majority stake in Milani Cosmetics.
The terms of the deal were not disclosed.
Milani's face, lip and eye products are currently available in 75 countries. In the U.S., retail partners include Walmart, Walgreens, Ulta, Target, and CVS.
Michelle Taylor, an executive advisor at Gryphon, will become interim CEO. Taylor's past experience includes senior leadership positions at Kate Somerville Skincare, Kiehl's, Lancôme, L'Oréal USA, Chanel and Elizabeth Arden, among others. Additionally, Gryphon partners Dennis O'Brien and Keith Stimson, and Gryphon principal Matt Farron will join the board of directors. Ralph Bijou will continue with the company as president of Jordana Cosmetics and Laurie Minc will continue with Milani as a senior advisor.
O'Brien said, "Gryphon has long been exploring the $45 billion beauty and personal care space and is excited to commit to the industry. Leveraging Michelle's deep knowledge of the sector, we believe we have identified a strong growth platform in Milani, one which has a variety of proven and developing sales channels and the opportunity to reach a broad and growing consumer base that has discovered Milani's quality and is actively seeking out the brand. We look forward to working with Michelle, Ralph and Laurie to build upon the company's proven success."