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Swander Pace tables $65m take-private bid for Physicians Formula

15 Aug 2012

Swander Pace Capital, a San Francisco-based private equity firm that invests in lower mid-market consumer products businesses, has reached a deal to buy Nasdaq-listed cosmetics and skin care company Physicians Formula for about $65m.

The firm said Wednesday it will pay $4.25 per share in cash for each share of the California-based company, representing a premium of 15 per cent over Tuesday’s closing price of $3.68.

Physicians Formula was founded in 1937 and today makes premium-priced products for the mass market channel that are sold in over 25,000 stores operated by Wal-Mart, Target, CVS and RiteAid.

The company’s products include face powders, bronzers, concealers, blushes, foundations, eye shadows, eye liners, brow makeup and mascaras, according to its website.

Physicians Formula said its board of directors has unanimously approved the deal, although shareholders still need to approve it. The deal is expected to close later this year.

The transaction follows Swander’s recent investment in Wales, UK-based family business Cambrian Pet Foods, the firm’s third in the sector following investments in US companies Merrick Pet Care, which is has since exited, and Eagle Pack Pet Foods.

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