JOHNSON CITY, Tenn., March 11, 2019 /PRNewswire/ -- Crown Laboratories, Inc. ("Crown"), a leading, fully integrated skin care company, announced today that it will be embarking on a 3-year capital improvement plan aimed at upgrading and enhancing its manufacturing capabilities.
Headquartered in Johnson City, TN, Crown is investing in new capital equipment to accommodate current and future expansion opportunities, such as a state-of-the-art bottling line targeted for completion in late 2019. By investing in this capital equipment, Crown will increase its overall capabilities and become more efficient and cost competitive.
"The addition of these packaging lines allows us flexibility in looking at new opportunities for the facility and our employees," said Jeff Bedard, Crown's President and CEO. "Bringing new jobs to the region by adding profitable revenue aligns with our long-standing commitment to our employees, the community and Northeast Tennessee. In the past eighteen months we have invested heavily in our business through acquisitions as well as programs that have created organic growth. We look forward to partnering with the local and state governments to invest further in our business to support continued growth and opportunity in this region."
"Crown is a valued member of our business community. We are excited to support their growth and we understand the positive impact they have on our city and citizens," said Jenny Brock, Mayor of Johnson City, TN.
"Jeff has been a friend to the community and has grown Crown's business for nearly two decades. We look forward to their continued growth as the company continues to make acquisitions and bring new talent to our area," added Joe Grandy, Mayor of Washington County, TN.
"This new investment continues the long-standing practice Crown has had for the last 20 years. This investment means more jobs for the families of Johnson City and Washington County. I truly appreciate Jeff and Hildred Capital Partners for their continued commitment to the hardworking families of our region," said Matthew Hill, State Representative and Deputy Speaker of the House. "I remain committed to helping in any way possible so that Crown can continue to grow and prosper here in Johnson City. I'm proud that Crown is in my house district. This makes it extra special for me."
"Investing in the Johnson City facility reinforces Hildred's commitment to Crown's employees and builds upon a great foundation laid by those employees," added David Solomon, Partner of Hildred Capital Partners, LLC and Chairman of Crown Laboratories. "This capital investment enables Crown to support its growing national and international business, and to meet increased product demand across its portfolio. We continue to look for opportunities to invest within Eastern Tennessee, so we can build the state-of-the-art manufacturing capabilities that will be necessary to support our goal of substantially growing Crown's consumer healthcare, aesthetic and prescription product lines."
About Crown Laboratories, Inc.
Crown Laboratories, Inc. is a privately held, fully integrated global skin care company that is committed to developing and providing a diverse portfolio of beauty, consumer, OTC, prescription, medical and aesthetic skin care products that improve the quality of life for its customers. As an innovative company with key products such as its recently acquired, first FDA-cleared medical grade microneedling device, SkinPen, Blue Lizard Australian Sunscreen, Vita Liberata sunless tanning and skin care, and robust portfolio of Rx and OTC products including PanOxyl and Sarna, Crown Laboratories has enjoyed rapid growth and is poised to become a leader in Dermatology. Crown Laboratories has been listed on the Inc. 5000 Fastest Growing Companies List for six consecutive years.
About Hildred Capital Partners
Hildred Capital Partners, LLC is a private investment firm that invests in a broad range of securities, including equity and debt, across geographies and sectors, on both an actively and passively managed basis. Founded in 2014, Hildred has a particular interest in private equity, including situations where the principals can apply their extensive management experience to help a company reach its full potential. Hildred is headed by Howard Solomon, former CEO of Forest Laboratories, and David Solomon, former Senior Vice President, Corporate Development & Strategic Planning at Forest Laboratories, together with Andrew Goldman, the firm's Chief Investment Officer.
Forward Looking Statements
In this press release, the use of words such as "expect," "anticipate," "possible," "potential," "believe," "commit," "intend," "continue," "may," "would," "could," "should," or similar expressions is intended to identify forward-looking statements that represent Crown Laboratories management's current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or results, and actual results may differ materially due to a variety of important factors. Such risks and uncertainties may include, but are not limited to: the satisfaction of closing conditions to the investment by Hildred; the possibility that the transaction will not be completed or, if completed, not completed in the expected timeframe; the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; and adverse litigation or government action. Crown Laboratories undertakes no obligation to update the information contained in this release.
SOURCE Crown Laboratories, Inc.