Littlejohn & Co. Announces Recapitalization of Cosmetic Essence Investments By Littlejohn & Co. and Garrison Investment Group Provide Growth Platform For Outsourced Cosmetics Manufacturer With Newly Restructured Balance Sheet
GREENWICH, Conn., Oct. 4 /PRNewswire/ -- Littlejohn & Co., LLC, a private investment firm based in Greenwich, CT, announced today that it has led a successful restructuring of Cosmetic Essence, Inc., a leading contract manufacturer for the cosmetics, fragrance, and skin care industries with approximately $300 million in revenue.
"This successful financial restructuring demonstrates the confidence our new partners have in the long-term potential of our company," said Vincent Langone, Cosmetic Essence's Interim Chief Executive who has overseen the company's recent turnaround efforts. "As a result of their support, we are now better positioned to focus our efforts on the continued implementation of our strategic plan. I would like to especially thank our loyal employees, customers and suppliers who have supported us during this process."
Richard E. Maybaum, a Managing Director of Distressed Investments at Littlejohn, said, "We saw the potential for a restructuring of Cosmetic Essence and believe that the company is now properly capitalized to pursue its objectives." Edmund J. Feeley and David E. Simon, both Managing Directors of Littlejohn will be joining the Board of Directors of the company. The combined interests of Littlejohn and Garrison will represent the majority of the owners. Mr. Simon added that "Cosmetic Essence represents a leading platform in the cosmetics and personal care contract manufacturing sector and we are actively focused on supporting the company's efforts with its customers and identifying possible add-on acquisitions to further strengthen the business."
About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-based control-oriented private equity firm seeking investment opportunities in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth that can benefit from its operational and strategic approach. The firm is currently investing from Littlejohn Fund IV, L.P., which has $1.3 billion in capital commitments. For more information, visit www.littlejohnllc.com.
About Garrison Investment Group
Garrison is a leading New York based investment management firm that focuses on middle market credit, distressed and asset backed opportunities. Garrison's three investment areas include corporate finance, financial assets and commercial real estate. The firm currently has $1.6 billion in assets under management. For more information, visit www.garrisoninv.com.
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SOURCE Littlejohn & Co., LLC