There is good news for us Stila girls and the company itself. Amidst all of the rumors flying around about one of our most beloved beauty brands, Stila made it's official announcement today: Patriarch Acquires Stila.
Here is a copy of the official release:
PATRIARCH PARTNERS LLC ACQUIRES STILA COSMETICS
NEW YORK, NY – April 23, 2009 Stila Corp. (“Stila” or “Stila Cosmetics”) and Patriarch Partners LLC
(“Patriarch” or “Patriarch Partners”) today announced Patriarch’s acquisition of Glendale, CA based Stila
Cosmetics from Wachovia Corp. and CIT Group. Stila was previously owned by Sun Capital Partners, Inc.
Sun Capital purchased Stila from Estée Lauder Cos. in 2006.
Patriarch Partners is a private equity and investment firm based in New York. The Patriarch funds have
investments in an extensive portfolio of companies, including Rand McNally, 180s, Dana Classic Fragrances,Croscill and MD Helicopters. Patriarch specializes in rebuilding companies that span across a broad spectrum of consumer and industrial sectors by providing innovative financial solutions, strategic direction and operational expertise.
“Stila is a sophisticated brand with a strong customer base. What Stila really needs is working capital,” said Lynn Tilton, CEO of Patriarch Partners. “As a Stila Girl, I am thrilled to be a part of this great company and look forward to providing Stila the strategic support and capital needed to build its future.”
Deanna Kangas, CEO of Stila Cosmetics added, “I am very pleased to work with Lynn Tilton and Patriarch Partners in continuing to grow the Stila brand worldwide. Patriarch Partners is an innovative and visionary private equity firm with the resources and expertise to continue to build Stila and propel the brand forward.”
Phew - I was so upset of the thought of losing a wonderful beauty brand. Even in these tough times, Stila is here and will be. I can't wait to see where the brand goes and grows from here.