FORMA Brands Successfully Completes Sale to Investor Group; Operations Emerge from Restructuring Process

Moving Forward with Additional Capital to Invest in Multi-Category Portfolio and Key Brands

Cliff Moskowitz Appointed Chief Executive Officer, Bringing More Than Two Decades of Operational and Financial Leadership Experience in the Consumer and Retail Industries

LOS ANGELES, April 11, 2023 /PRNewswire/ -- FORMA Brands, LLC ("FORMA Brands" or the "Company"), a builder of beauty brands anchored in innovative and high-quality products, today announced the completion of the previously announced sale of substantially all of the Company's assets to an investor group and the emergence of FORMA Brands' operations from the restructuring process.

In addition to Jefferies Finance LLC, funds managed by Cerberus Capital Management, L.P., and FB Intermediate Holdings, LLC, the Company's new owners now also include &vest, a consumer brand investment and operational platform with deep expertise in the beauty industry (collectively, the "Investor Group").

Thomas Brady, President of Jefferies Finance LLC, said, "On behalf of the entire Investor Group, we are pleased to complete the acquisition of FORMA Brands, enabling the Company to move forward in a position of financial strength. With a new capital structure that includes additional liquidity and less debt, FORMA Brands is poised to return to growth and increase profitability while it continues providing consumers around the globe with thoughtfully selected beauty products."

Simon Cowell, President of FORMA Brands, said, "This marks the start of an exciting new chapter for FORMA Brands. With new capital and the support of our Investor Group, we are moving forward with the resources necessary to support the execution of our new long-term growth strategy focused largely on our global wholesale and e-commerce operations. We are excited about the opportunities ahead for FORMA Brands and our multi-category portfolio of innovative beauty brands."

In connection with the completion of the transaction, Cliff Moskowitz, an operating partner at &vest, has joined FORMA Brands as Chief Executive Officer. Mr. Moskowitz brings more than 20 years of leadership experience in the retail industry, previously serving as the Chief Executive Officer of Outdoor Voices and managing InterLuxe Holdings, where he drove operational improvements and led investments in world-class retail brands including Jason Wu, A.L.C. and Mackage.

Mr. Moskowitz said, "I am pleased to join FORMA Brands as CEO. All of us at &vest are excited about this new partnership, and we look forward to helping to return FORMA Brands to growth. The Company benefits from an innovative brand and marketing strategy, a strong portfolio – including Morphe, Morphe 2 and Born Dreamer – and an exceptional network of global creators, influencers, affiliate partners and retail partners. We see compelling opportunities to drive growth in the business, including new products, geographies and channel and distribution partners – all of which we are going to pursue."

Doug Jacob, co-Founder of &vest, said, "We know the strong affinity that consumers have for the FORMA portfolio of brands and believe we can unlock significant growth by leveraging not only our operational expertise, but also that of the rest of the Investor Group and the already-incredible team at FORMA."

About FORMA Brands

FORMA Brands is a builder of beauty brands anchored in innovative and high-quality products, marketing and operations. Each brand addresses different consumer needs through a distinctive and differentiated identity while inspiring and celebrating all forms of beauty. The Company's products are sold through the top beauty retailers worldwide, including Ulta Beauty, Sephora, Mecca, Douglas, Selfridges and Target. For more information, please visit: www.FORMABrands.com.  

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SOURCE FORMA Brands