Glansaol, the owner of Laura Geller, Julep and Clark’s Botanicals, has filed for Chapter 11 bankruptcy protection.
The Warburg Pincus-backed business filed for bankruptcy in the U.S. Bankruptcy Court in the Southern District of New York on Dec. 19, seeking to sell its assets to AS Beauty LLC.
“The board and management team have thoroughly assessed all of our strategic options and are confident that the proposed sale process represents the best path forward for the company,” said Nancy Bernardini, chief executive officer of Glansaol. “We are pleased to have entered into an asset sale agreement with AS Beauty and are excited for the company’s future.”
Glansaol has retained Emerald Capital Advisors as financial adviser and Willkie Farr & Gallagher LLP as legal counsel. AS Beauty has hired Sill Cummis & Gross PC as legal adviser.
Glansaol was formed by Alan Ennis, the former ceo of Revlon, with Warburg Pincus in 2016. The company is structured as a strategic startup — brands were to sell outright to Glansaol, and owners were to become investors in the parent company. The plan, eventually, was to take a business of between five and seven beauty brands public.
Behind the scenes, there was leadership turnover at the brand level. Eventually, Ennis was shifted to chairman, and Bernardini was hired as ceo. In September, the business was said to have hired Financo to explore strategic alternatives.
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