Private Equity Firm to Buy Physicians FormulaWednesday, August 15, 2012
Swander Pace Capital on Wednesday said that it is taking Physicians Formula Holdings Inc. private in a deal valued at about $65 million.
The Associated Press reports that the San Francisco private equity firm will pay $4.25 per share in cash for the Azusa cosmetics and skin care company, a 15 percent premium over the stock's closing price on Tuesday. Shareholders still need to approve the deal, which is expected to close later this year.
Products from Physicians Formula Holdings Inc. are sold in more than 25,000 stores, including chains like Wal-Mart Stores Inc. and CVS Caremark Corp.