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Physicians Formula Attracts Equity Investment From Summit
Partners
November 2003
AZUSA, CA – Physicians Formula, Inc., manufacturer
of the United States’ top-selling face makeup product
in drug stores and the fastest-growing color cosmetics
brand in its distribution channel, announced today it
has received a multi-million dollar equity investment
from Summit Partners, a leading global private equity
and venture capital firm. Physicians Formula specializes
in color corrective makeup and offers a full line of
unique, upscale color cosmetics and skin care products.
Ingrid Jackel-Marken, Senior Vice President of Marketing,
Physicians Formula Cosmetics, Inc., said, “Our
phenomenal success and fast growth in the past five
years has brought the Physicians Formula brand to the
forefront of the mass color cosmetics industry. With
the financial and strategic support of Summit Partners,
we can further accelerate our growth and compete with
other major corporations of this industry.”
For more than 60 years, allergists, dermatologists,
ophthalmologists, and plastic surgeons have recommended
Physicians Formula products. The brand has evolved over
time to become not only the “Color Correction Specialist”
but also the provider of innovative and department store-
quality color cosmetics to mass consumers.
“We are very proud to be associated with Physicians
Formula and its outstanding management team,” said
Dr. Craig D. Frances, Principal, Summit Partners. “We
look forward to partnering with this extraordinary firm
in its continued growth and future successes.”
Dr. Frances will join the Physicians Formula Board of
Directors. Summit Partners’ Walter G. Kortschak,
Managing Partner, and Sonya T. Brown, Vice President,
will also take Board seats.
Kirkland & Ellis, LLP provided legal counsel to
Summit Partners on the investment, and FocalPoint was the financial advisor to Physicians Formula.
About Physicians Formula, Inc.
Physicians Formula was created in 1937 by eminent allergist
Dr. Frank Crandall who started formulating cosmetics
for his wife’s sensitive skin. Physicians Formula
today is a leading mass-market color cosmetics brand
specializing in color corrective makeup and bringing
department store-quality concepts to mass consumers
with first-to-market, innovative products. Distributed
in more than 18,000 major U.S. drug stores and mass
volume retailers, Physicians Formula is the fastest-growing
premium brand in its channel of distribution. For more
information about Physicians Formula, please visit www.PhysiciansFormula.com.
About Summit Partners
Summit Partners is a leading global private equity and
venture capital firm. The firm has a capital base in
excess of $5 billion, with offices in Boston, Palo Alto,
and London. Formed in 1984, Summit has provided growth
equity to more than 240 companies, which have completed
more than 100 public offerings and 75 strategic sales
or mergers.
Summit Partners seeks outstanding management teams that
have self-financed their companies to profitability
and market leadership. Notable companies financed by
Summit include Ameripath, Blue Ocean Software, B&W
Loudspeakers, E-TEK Dynamics, Harris Research, IMPAC
Medical Systems, Keystone RV Company, Lincare, McAfee
Associates, and Pediatrix Medical Group. For more information,
please visit www.summitpartners.com.
About FocalPoint
FocalPoint is an independent investment
bank, specializing in mergers and acquisitions, raising
capital (both debt and equity), and financial restructurings.
The firm’s primary focus is on middle-market companies
headquartered in the United States, operating with revenues
between $5 million and $250 million in a diverse range
of industries. FocalPoint is managed by seasoned veterans
with backgrounds in law, public accounting, senior lending,
private equity and investment banking at leading national
and international firms. The firm’s goal is to
provide unbiased, innovative financial advice by taking
the time to truly understand the needs of its clients
and then devising a strategy that best fits those objectives.
Please feel free to contact Nishen Radia at (310) 405-7040 with any questions about this transaction.
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