Sale of Physicians Formula ClosesWednesday, December 12, 2012
Markwins International Corp. on Wednesday said that it has completed its acquisition of Asuza cosmetics company Physicians Formula Holdings Inc. in a $75 million deal.
Markwins, a private cosmetics and accessories company, in City of Industry, paid investors $4.90 a share in cash, a 33 percent premium to the stock’s price on Aug. 14 before the deal was announced. Physicians Formula stockholders also received a 3.5 cent-a-share special dividend.
Physicians Formula is known for its line of hypoallergenic skin care and cosmetics sold at U.S. mass market retailers. Markwins’ cosmetics, accessories and beauty collections are sold in department and specialty stores globally under the Color Workshop, Black Radiance, and Color Institute brands.
Physicians Formula Chief Executive Ingrid Jackel will become an executive at Markwins, and will continue overseeing Physicians Formula brand with the rest of her management team.
Senior debt financing for the transaction was provided by Cathay Bank.