Cover FX, a producer of dermatology-inspired cosmetics, has received a capital investment by consumer-focused private equity firm Catterton Partners. The proceeds of the investment will be used to accelerate growth in domestic and global markets. Terms of the transaction have not been disclosed.
Known as The Foundation Authority, Cover FX was created by Lee Graff and Jenny Frankel in collaboration with Dr.Neil H Shear to provide flawless cosmeceutical solutions. From its beginnings in 2000 with the iconic Cover FX cream foundation, Cover FX has developed a complete line of foundations, primers, concealers, moisturizers and cleansers formulated for any skin type, including the most sensitive, and is ideal for matching virtually any global skin tone. Today, Cover FX is available throughout Canada, the United States and the United Kingdom in over 1200 retail locations, on direct response TV and from the Cover FX website at www.coverfx.com.
The Cover FX team led by Lee Graff, President and Co-Creator, Jenny Frankel, Vice President and Co-Creator and Thomas Bond, Chief Financial Officer, will continue to manage the Company utilizing the substantial financial and strategic resources created by the partnership with Catterton Partners.
"We are thrilled about our partnership with Catterton Partners and the wealth of experience, expertise and resources that Catterton brings to Cover FX," says Graff, Cover FX President and Co-Creator. "Catterton has a remarkable says of success partnering with companies like ours to create extraordinary brands and businesses, particularly in the beauty industry. We are very excited to take advantage of their strategic insights and relationships to expand the reach of our brand, and our remarkable products and solutions, to markets around the world."
"With its innovative products, medical heritage, brand positioning, and passionate leadership team, Cover FX is uniquely positioned to realise dramatic growth," says Jon Owsley, a Partner at Catterton Partners. "The Company’s presence in the global cosmetics marketplace has allowed it to gain significant momentum with customers around the world. We are excited to partner with Cover FX and look forward to using our experience to build on the Company’s momentum and help Cover FX reach its full potential."
