Crown Laboratories to acquire prestige skincare company StriVectin

Crown Laboratories, a privately-held global skincare company headquartered in Johnson City, and L Catterton, a private equity firm, announced Thursday a definitive agreement under which Crown will acquire StriVectin, the No. 1 independent prestige skin care company in the U.S.In a press release, Crown Laboratories said it expects the transaction will close by mid-September and is subject to regulatory approvals and other customary closing conditions. Terms of the transaction, the press release said, were not disclosed.Upon completion of the transaction, StriVectin's products will become part of Crown's new premium skincare division and will operate as a wholly owned subsidiary of Crown Laboratories.StriVectin's President, Cori Aleardi, will become president and chief commercial officer of Crown and will join the Crown executive leadership team. StriVectin will continue to be based in New York City."Partnering with StriVectin is an exciting and significant next step in diversifying and scaling our organization," said Jeff Bedard, Crown Laboratories CEO. "StriVectin has assembled a truly impressive team, a proven business model, and a premier product portfolio that is beloved by its customers.""We are excited to build on our success in this next chapter as StriVectin continues to redefine the science of skincare and changes the way people feel about their skin," added Cori Aleardi, President of StriVectin. "As part of Crown, StriVectin will benefit from additional resources to expand infrastructure, support future growth, and deliver on our commitment to provide next generation skincare to every generation and put the science of skin health first."The acquisition strengthens Crown's overall skin care product portfolio, the company said.Launched in 2002, StriVectin is ranked the most effective anti-aging skin care brand by consumers.Together with L Catterton, the press release said, StriVectin has expanded its consumer base to include all age demographics, rapidly attracting millennials, while growing its large and highly loyal Gen X and baby boomer base. It also drove continuous innovation, resulting in a highly efficacious, expertly calibrated and 100% clinically tested product portfolio.