Upon completion of the transaction, StriVectin’s merchandise will change into a part of Crown’s new Premium Skincare Division and can function as a completely owned subsidiary of Crown Laboratories. StriVectin President Cori Aleardi will change into president and chief industrial officer of Crown and can be a part of the Crown government management Group. StriVectin will proceed to be based mostly in New York Metropolis.
“Partnering with StriVectin is an thrilling and important subsequent step in diversifying and scaling our group,” stated Jeff Bedard, CEO of Crown Laboratories. “StriVectin has assembled a really spectacular staff, a confirmed enterprise mannequin, and a premier product portfolio that’s beloved by its clients. We’re notably excited that Cori shall be assuming a senior government position at Crown, serving to to information the merged companies, and we predict the mixed skills of each groups will allow us to speed up development throughout all our product areas. The addition of StriVectin to Crown’s portfolio enriches our concentrate on partnering with our clients all through their lifetime pores and skin well being journey.”
Crown’s skincare portfolio contains Crown Aesthetics, maker of SkinPen, an FDA-cleared microneedling system in addition to client manufacturers PanOxyl zits wash, Sarna topical anti-itch model, Vita Liberata sunless tanners and Blue Lizard sunscreen.
StriVectin, which launched in 2002, will be a part of Vita Liberata, a sunless tanning model, within the new premium division at Crown, which relies in Johnson Metropolis, TN. L Catterton invested in StriVectin in 2009. On the time, StriVectin’s retail gross sales have been estimated to be round $100 million yearly.
“We’re excited to construct on our success on this subsequent chapter as StriVectin continues to redefine the science of skincare and adjustments the best way individuals really feel about their pores and skin,” added Cori Aleardi, president of StriVectin. “As a part of Crown, StriVectin will profit from further sources to increase infrastructure, help future development, and ship on our dedication to supply subsequent technology skincare to each technology and put the science of pores and skin well being first.”