Glansaol LLC, the owner of Laura Geller, Julep, and Clark’s Botanicals, has announced it has voluntarily filed for Chapter 11 bankruptcy on December 19th, in an effort to pursue a sale transaction.
The company has filed a motion seeking Court authority to sell substantially all of its assets to AS Beauty LLC as a going concern.
The sale to AS Beauty LLC is subject to higher or otherwise better offers, and a court-supervised marketing process. The sale, which is supported by the company's existing lenders, is designed to preserve the strength of the company's core businesses.
The Bankruptcy Court is expected to consider whether to approve the sale procedures in early 2019.
Nancy Bernardini, CEO, Glansaol, says, "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. We are pleased to have entered into an asset sale agreement with AS Beauty and are excited for the future."
WWD reports that Glansaol was formed in 2016 by Alan Ennis, the former ceo of Revlon, with Warburg Pincus, and states, "The company is structured as a strategic start-up—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."
Glansaol is being advised by Emerald Capital Advisors as its financial advisor and Willkie Farr & Gallagher LLP as legal counsel. AS Beauty is being represented by Sill Cummis & Gross P.C., as legal counsel.
Photos: Clark's Botanicals' Smoothing Marine Cream, which won a 2018 Allure Best of Beauty Award; Julep lip gloss; and Laura Geller's Baked Blush-n-Brighten, winner of a QVC Customer Choice Beauty Award.