Niche beauty brand philosophy is to get a new owner, after the announcement it is to be bought by global private equity firm The Carlyle Group.
The group has signed a definitive agreement to acquire the US brand from its current owners, who include ceo and founder, Cristina Carlino. Carlino will remain a significant equity owner and take the position of executive chairman. Financial terms were not disclosed, however the deal is expected to be completed in the first quarter of 2007.
The brand was created in 1996 and sells through multiple distribution channels including television shopping such as QVC and niche retailers such as Space NK.
“The acquisition of philosophy is another step in our firm's effort to partner with enormously talented and dedicated entrepreneurs like Cristina to build world class brands in high-growth and high-quality businesses,” commented Carlyle md and head of consumer & retail, Sandra Horbach.