Family-owned “masstige” beauty company Milani Cosmetics with popular brands Milani and Jordana announced this week that San Francisco-based private equity firm Gryphon Investors has acquired a majority stake in the company. Current owners Ralph Bijou and Laurie Minc will retain minority stakes alongside Gryphon.
The investment in Los Angeles-based Milani marks Gryphon’s entry into the beauty sector. Milani’s line of face, lip, and eye products are available in 75 countries and through key domestic retail partners including Walmart, Walgreens and CVS.
“We are delighted to partner with the team at Gryphon to help realize our dream of developing Milani into a great global name, enjoyed by women everywhere,” said Mr. Bijou and Ms. Minc in a press statement. “Gryphon’s long-standing track record building consumer product brands, experience with family-owned businesses, and their beauty and channel experts were all critical considerations for us”.
Seasoned cosmetic executive Michelle Taylor will become interim CEO. She is currently a Gryphon Executive Advisor and previously held senior positions at L’Oréal USA, Chanel, Elizabeth Arden, and others. She will join Gryphon Partners Dennis O’Brien and Keith Stimson, and Gryphon Principal Matt Farron on the Board of Directors.
Ralph Bijou will continue with the company as President of Jordana Cosmetics and Laurie Minc will continue with Milani as a Senior Advisor. Both Ralph Bijou and Laurie Minc will be on the Board of Directors with the transaction expected to close in approximately one month.
“Gryphon has long been exploring the $45 billion beauty and personal care space and is excited to commit to the industry. Leveraging Michelle’s deep knowledge of the sector, we believe we have identified a strong growth platform in Milani, one which has a variety of proven and developing sales channels and the opportunity to reach a broad and growing consumer base…,” Gryphon Partner Dennis O’Brien stated.
