Forma Brands emerges from bankruptcy, names new CEO
U.S. cosmetics group Forma Brands announced on Tuesday it has emerged from bankruptcy, having been acquired by lenders and additional investors. The company also named Cliff Moskowitz as its new CEO.
In addition to Jefferies Finance LLC, funds managed by Cerberus Capital Management, L.P., and FB Intermediate Holdings, LLC, the company's new owners now also include &vest, a consumer brand investment and operational platform with expertise in the beauty industry.
"On behalf of the entire investor group, we are pleased to complete the acquisition of Forma Brands, enabling the company to move forward in a position of financial strength," said Thomas Brady, president of Jefferies Finance.
"With a new capital structure that includes additional liquidity and less debt, FORMA Brands is poised to return to growth and increase profitability while it continues providing consumers around the globe with thoughtfully selected beauty products."
As part of the sale, Cliff Moskowitz, an operating partner at &vest, has joined Forma Brands as chief executive officer. Moskowitz brings more than 20 years of leadership experience in the retail industry, previously serving as the CEO of Outdoor Voices and managing InterLuxe Holdings, where he drove operational improvements and led investments in retail brands including Jason Wu, A.L.C. and Mackage.
"I am pleased to join Form Brands as CEO. All of us at &vest are excited about this new partnership, and we look forward to helping to return Forma Brands to growth," said Moskowitz.
"The company benefits from an innovative brand and marketing strategy, a strong portfolio – including Morphe, Morphe 2 and Born Dreamer – and an exceptional network of global creators, influencers, affiliate partners and retail partners. We see compelling opportunities to drive growth in the business, including new products, geographies and channel and distribution partners – all of which we are going to pursue."
Forma Brands, the company behind the Morphe brand and the licensee of Ariana Grande’s R.E.M. label, first filed for Chapter 11 bankruptcy protection in the U.S. in January.
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