Coty adds two partners to board of directors
NEW YORK — Private equity firms Berkshire Partners and Rhone have made minority equity investments in Coty, with each of the investors being represented on the company's board of directors.
Terms of the transactions were not disclosed.
"This mutually beneficial agreement allows Coty to continue its accelerated growth path organically and externally around the globe," stated Bernd Beetz, Coty CEO. "By bringing these partners on board, Coty will be in a stronger position to prepare for future and larger acquisitions, while maintaining the culture that makes Coty such a unique place in the beauty industry."
As previously reported, Coty announced several strategic acquisitions in late 2010, including OPI, a provider of nail care products; Philosophy, a skin care and cosmetics company; TJoy, a Chinese skin care company; and Dr. Scheller Cosmetics AG, a manufacturer of German makeup and skin care brands.