MAV Beauty Brands, which offers premium quality haircare, face and bodycare beauty products, has received the green light from the Ontario Superior Court of Justice for the sale of substantially all of its assets and those of its subsidiaries to an affiliate of Nexus Capital Management LP, a Los Angeles-based private equity firm.
In a statement, Mav Beauty Brands said that it expects the completion of the sale to take place on or about December 8, but no later than December 22, subject to the satisfaction or waiver of customary closing conditions.
Michael Cohen, partner at Nexus, said, "Nexus invests in leading companies and management teams across industries. With MAV Beauty Brands, we see strong long-term potential in the Company's iconic brands, high-quality products, and loyal consumer base."
Founded by celebrity hairstylist Marc Anthony Venere, the personal care company has four complementary brands, Marc Anthony True Professional, Renpure, Cake Beauty and The Mane Choice, which are sold in more than 25 countries around the world.
Mav Beauty Brands announced voluntary proceedings under the Companies' Creditors Arrangement Act early this month. Nexus will acquire substantially all of the company's assets for a purchase price significantly less than the current principal amount of the outstanding debt, which stands at 121.7 million US dollars.
Kayla Dean Obia, vice president at Nexus, added: "We have established a new capital structure and strategic plan designed to renew growth and profitability, which will enable the Company to invest in new product innovation and build on its partnerships with retailers."