VAUGHAN, ON,
Dec. 8,
2023 /CNW/ - MAV Beauty Brands Inc. ("MAV Beauty
Brands" or the "Company"), a global personal care company, today
announced that it has completed the sale of substantially all of
the assets of the Company and its subsidiaries to an affiliate of
Nexus Capital Management LP, a Los
Angeles-based private equity firm ("Nexus"). MAV Beauty
Brands' operations will continue uninterrupted in the ordinary
course of business.
Michael Cohen, Partner at Nexus,
said, "Nexus invests in leading companies and management teams
across industries. With MAV Beauty, we see strong long-term
potential in the Company's iconic brands, exceptional product
quality, and high repeat purchase rates across its loyal consumer
base." Kayla Dean Obia, Vice
President at Nexus, added, "We are excited to embark on the next
chapter of the Company with a refreshed capital structure and
strategic plan designed to renew growth and profitability. This
plan will enable the Company to invest in new product innovation
and build on its partnerships with retailers."
"We are pleased to partner with Serge
Jureidini, CEO of MAV Beauty Brands, and the existing
management team to accelerate the business by executing upon the
new strategic plan. The Company has a rich heritage and legacy that
we look forward to continuing to build upon," Cohen continued.
"Serge played a key role in constructing the vision and operating
plan for the Company going forward. We are confident that the
management team is now best positioned to invest in marketing, new
product innovation and retail partnerships."
"I am excited to lead MAV Beauty Brands under its new private
ownership with Nexus," said Jureidini. "The Company will leverage
its strengthened platform capabilities and focus on growth,
accelerating product innovation and building brand awareness for
its distinct brand portfolio."
"MAV Beauty has operated over the last 30 years as a pioneer and
leader in the hair and personal care industry," said Jureidini. "We
are grateful for the ongoing support of our vendors, partners and
employees, and for their commitment to the Company's future."
MAV Beauty Brands' headquarters will remain in Toronto, Canada.
About MAV Beauty Brands
MAV Beauty Brands is a global hair care and personal care
platform focused on managing independent brands. Today, MAV Beauty
Brands markets a diversified portfolio of four complementary brands
– Marc Anthony True Professional, Renpure, Cake Beauty and The Mane
Choice – offering premium quality hair care, face and body care
beauty products. These products are sold in over 25 countries
around the world and in many major retailers.
About Nexus Capital Management
Nexus Capital Management LP is an alternative asset investment
management company based in Los Angeles,
California that was founded in 2013. Nexus employs a
flexible investment mandate that focuses on long-term value
creation by partnering with leading management teams and
businesses.
For more information on Nexus, please visit www.nexuslp.com.
Additional Information
Additional Information is available at a website maintained by
the Monitor, Alvarez & Marsal Canada Inc., at
https://www.alvarezandmarsal.com/mav.
Forward-Looking Information
Certain information in this press release, including the
Company's operations continuing uninterrupted in the ordinary
course of business, generally constitutes forward-looking
information. In some cases, but not necessarily in all cases,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "targets", "expects"
or "does not expect", "is expected", "an opportunity exists", "is
positioned", "estimates", "intends", "assumes", "anticipates" or
"does not anticipate" or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might", "will" or "will be taken", "occur" or
"be achieved". In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances contain forward-looking information.
Statements containing forward-looking information are not
historical facts but instead represent management's expectations,
estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by MAV Beauty Brands as of the date of this press
release, are subject to known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results,
level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to the factors described in
greater detail in the "Risk Factors" section of the Company's most
recently filed Annual Information Form, the "Risk Factors" section
of the Company's most recently filed MD&A, and the Company's
other periodic filings made available at www.sedarplus.ca. These
factors are not intended to represent a complete list of the
factors that could affect MAV Beauty Brands; however, these factors
should be considered carefully. There can be no assurance that such
estimates and assumptions will prove to be correct. The
forward-looking statements contained in this press release are made
as of the date of this press release, and MAV Beauty Brands
expressly disclaims any obligation to update or alter statements
containing any forward-looking information, or the factors or
assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE MAV Beauty Brands