In a significant development, MAV Beauty Brands secures approval from the Ontario Superior Court of Justice for the sale of its assets and subsidiaries to an affiliate of Nexus Capital Management LP, a distinguished Los Angeles-based private equity firm.
The completion of this strategic sale, projected between December 8 and December 22, 2023, heralds a transformative phase for MAV Beauty Brands, the global personal care powerhouse founded in 1995. Operating iconic brands like Marc Anthony, Renpure, Cake Beauty, and The Mane Choice, MAV’s premium hair care, body care, and beauty products command a presence in over 25 countries and numerous major retailers.
This pivotal move follows MAV’s recent voluntary proceedings under the Companies’ Creditors Arrangement Act earlier this month. Nexus Capital Management is set to acquire the majority of MAV’s assets at a purchase price significantly below the current outstanding debt of US$121.7 million.
Michael Cohen, a partner at Nexus, shares insights into the acquisition, stating, «Nexus invests in leading companies and management teams across industries. With MAV Beauty Brands, we see strong long-term potential in the Company’s iconic brands, high-quality products, and loyal consumer base.»
Kayla Dean Obia, Vice President at Nexus, adds, «We have established a new capital structure and strategic plan designed to renew growth and profitability, enabling the Company to invest in new product innovation and build on its partnerships with retailers.»
Amidst this transformative journey, MAV Beauty Brands assures stakeholders that day-to-day operations will continue seamlessly, maintaining business as usual.
As part of these strategic shifts, the trading of MAV Beauty Brands’ common shares on the Toronto Stock Exchange (TSX) has been temporarily halted, with official delisting scheduled for December 21, 2023. Stay tuned for the unfolding narrative of MAV Beauty Brands under Nexus Capital Management’s strategic prowess. Explore the next era of personal care excellence and innovation with MAV Beauty Brands.
