Advent International Announces Launch of Orveon, Closing of Agreement with Shiseido Americas
PR93475
BOSTON, Dec. 7, 2021 /PRNewswire=KYODO JBN/--
-- Orveon unites iconic cosmetics brands bareMinerals, BUXOM and Laura Mercier
to pave the future of the industry and change beauty for the better
Advent International ("Advent"), one of the largest and most experienced global
private equity investors, today announced the closing of a definitive agreement
with Shiseido Americas Corporation ("Shiseido Americas"), a subsidiary of
Shiseido Company, Limited ("Shiseido"), under which a newly formed affiliate of
Advent, Orveon, has acquired three of Shiseido Americas' iconic cosmetics
brands, bareMinerals, BUXOM and Laura Mercier. The acquisition was announced on
August 25, 2021 (press release available here (
)), and closed on December 6, 2021.
Logo -
https://mma.prnewswire.com/media/1702367/Advent_International_Brands_Logo.jpg
The official closing marks the start of a new path forward for the acquired
businesses and their employees to join the ecosystem of the newly created
Orveon company, forming a standalone collective of premium and prestige beauty
brands. Accelerating the growth of these brands will be paramount, homing in on
their quality, innovation and authenticity. Upon closing, employees of
bareMinerals, BUXOM and Laura Mercier, as well as about 350 employees in
corporate support functions, moved from Shiseido to the newly formed parent
company, Orveon.
Pascal Houdayer will serve as Chief Executive Officer of Orveon, or "Social
Architect," as he describes himself, bringing more than 30 years of Beauty /
Cosmetics industry and management experience. Under Pascal Houdayer, Orveon's
mission will be to go more than skin deep and focus on helping people move from
"looking beautiful" to "feeling great." Recognizing the diverse range of
consumers being served in the beauty and wellness market, Orveon is on a quest
for a more inclusive, sustainable and united community in which deliberate
action fosters fair and positive change.
"With Orveon, we are embarking on a journey to bring the world a new type of
beauty company defined by solidarity, stark honesty and benevolent activism,"
said Pascal Houdayer. "We intend to unite these powerhouse brands and move to
an era of innovative evolution, that will break down category barriers and
societal conventions to form a sustainable face care expert. I feel honored to
be a part of a team creating a space in which the industry and consumers can be
advocates for change for the better."
Orveon is creating the future of the face. Visionary founders and owners of
these brands have built a solid foundation of beautiful products and strong
customer support. Orveon aims to bring additional innovation that both embraces
these brands' unique DNA while continuing to push towards skin health and
overall wellness, enabling beauty built on a foundation of health. Further,
Orveon will champion the values of bareMinerals, BUXOM and Laura Mercier and
put the consumer at the center, while making measurable cultural strides toward
a reimagined world of beauty and creating a genuine bond with the consumer they
serve both online and offline. As a result, Orveon will work to establish a
meaningful place for employees, while also fostering relationships with
partners that contribute to the success of the company. Plans for development
of new and innovative products, category and market expansion, and potentially
acquisitions of additional brands aligned with its mission, will further
demonstrate Orveon's commitment to customers everywhere.
As a global private equity firm that believes in the power of consumer brands
and equips them for innovation and growth, Advent recognized the potential in
creating Orveon to lead bareMinerals, BUXOM and Laura Mercier on a path to
continued success. This purchase follows Advent's acquisition of prestige
hair-care brand Olaplex in January 2020. Olaplex went public on Nasdaq in
September 2021 after enhancing its direct-to-consumer capabilities, expanding
internationally and building a long-term, science-based product innovation
pipeline. Advent was also the majority owner of Douglas, Europe's leading
beauty retailer, from 2013 to 2015. During that time, Advent helped the company
enhance its profile, expand its international presence, and transform from a
diversified retail conglomerate to a specialist retailer of selective beauty
products.
"We are thrilled to bring together three leaders in prestige beauty to build
Orveon and are thankful toward Shiseido for being a supportive partner
throughout this transaction," said Tricia Glynn, a Managing Director at Advent.
"With Pascal as CEO, we believe this collective will accelerate the growth of
its individual brands, showcasing its expertise to cater to a complete face
care routine across a diverse set of consumers for a modern world."
Orveon will be headquartered in New York City, with regional headquarters in
London and Tokyo. For more information, please visit www.orveonglobal.com.
Jefferies LLC served as financial advisor, and Weil, Gotshal & Manges LLP acted
as legal counsel to Advent. Perella Weinberg Partners served as financial
advisor, and Morgan, Lewis & Bockius LLP acted as legal counsel to Shiseido
Americas.
About Advent International
Founded in 1984, Advent International is one of the largest and most
experienced global private equity investors. The firm has invested in over 380
companies in 42 countries, and as of June 30, 2021, had $81 billion in assets
under management. With 15 offices in 12 countries, Advent has established a
globally integrated team of over 250 investment professionals across North
America, Europe, Latin America and Asia. The firm focuses on investments in
five core sectors, including business and financial services; healthcare;
industrial; retail, consumer and leisure; and technology. After more than 35
years dedicated to international investing, Advent remains committed to
partnering with management teams to deliver sustained revenue and earnings
growth for its portfolio companies.
For more information, visit:
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international
About Orveon
Established in 2021, Orveon is a collective of iconic cosmetics brands,
bareMinerals, BUXOM and Laura Mercier, paving the way for the future of the
beauty industry. Believing beauty is more than skin deep, Orveon aims to
challenge conventional wisdom with humility and deliberate action – all to
create positive change. Owning the face of beauty, and striving to face forward
together, Orveon is about its employees, as much as the union of these
established entities. Together, the company will push beyond being known simply
as cultural tastemakers and ascend as advocates of advancement. Embarking on a
powerful shift, Orveon is committed to stark honesty, co-creation and making a
sustainable cultural impact today and for years to come.
For more information, visit:
Website: www.orveonglobal.com
LinkedIn: https://www.linkedin.com/company/orveonglobal/
Instagram: https://www.instagram.com/orveonglobal/
Twitter: https://twitter.com/orveonglobal
SOURCE: Advent International
CONTACT: 5WPR, orveon@5wpr.com
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。