Advent International's newly created New York-based Orveon has acquired bareMinerals, BUXOM and Laura Mercier from Shiseido Americas. The acquisition was announced on August 25, 2021 and closed on December 6, 2021.
Under the deal, employees of bareMinerals, BUXOM and Laura Mercier, as well as about 350 employees in corporate support functions, have moved from Shiseido to Orveon.
Pascal Houdayer will serve as CEO Orveon. The executive's mission is to help "people move from 'looking beautiful' to 'feeling great" via inclusive and sustainable values.
The company, which has regional headquarters in London and Tokyo, will develop new products, expand into new categories and markets, and perhaps acquire additional brands.
Previously: Wella Celebrates First Year of Independence
This purchase follows Advent’s acquisition of prestige hair-care brand Olaplex in January 2020 and Olaplex's subsequent IPO in September 2021.
Jefferies LLC served as financial adviser for the Orveon deal, and Weil, Gotshal & Manges LLP acted as legal counsel to Advent. Perella Weinberg Partners served as financial adviser, and Morgan, Lewis & Bockius LLP acted as legal counsel to Shiseido Americas.
“With Orveon, we are embarking on a journey to bring the world a new type of beauty company defined by solidarity, stark honesty and benevolent activism,” said Houdayer. “We intend to unite these powerhouse brands and move to an era of innovative evolution, that will break down category barriers and societal conventions to form a sustainable face care expert. I feel honored to be a part of a team creating a space in which the industry and consumers can be advocates for change for the better.”
“We are thrilled to bring together three leaders in prestige beauty to build Orveon and are thankful toward Shiseido for being a supportive partner throughout this transaction,” said Tricia Glynn, a managing director at Advent. “With Pascal as CEO, we believe this collective will accelerate the growth of its individual brands, showcasing its expertise to cater to a complete face care routine across a diverse set of consumers for a modern world.”