Private equity giant The Carlyle Group has agreed to buy philosophy, inc., a personal care products company, from a group led by the company’s chief executive officer and founder Cristina Carlino. The value of the transaction was not disclosed.
The deal is expected to be finalized in the first quarter of this year.
Founded in 1996 and based in Phoenix, Arizona, philosphy sells skin care products, fragrances and cosmetics through television and retailers, including the home shopping channel QVC and the cosmetics retailer Sephora.
“My original aim for the company was to create products that satisfy a growing need for both scientifically-based and emotionally-inspired beauty products,” Carlino said in a statement. The company’s products include “hope in a jar” moisturizer, and “purity made simple”, described as a “high performance deep cleansing emulsion” and “supernatural color cosmetics”.
Carlyle’s consumer and retail group made two significant transactions last year. One was the $1 billion acquisition of Omaha, Nebraska-based Oriental Trading Company, a direct marketer of party and school supplies, from Brentwood Associates for an undisclosed amount in June. The other was the $2.4 billion acquisition of Dunkin’ Brands, a quick service restaurant franchisor, in March. Dunkin’ Brands’ restaurants include donut maker Dunkin’ Donuts and ice cream company Baskin-Robbins. Bain Capital and Thomas H. Lee Partners also took part in that transaction.
Pauline Brown joined Carlyle’s consumer and retail group as a managing director in November. Brown was formerly a former senior vice president for corporate strategy and global business development at Avon Products.