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

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

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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