Nail and beauty care products company Pacific World merges with beauty products supplier W.E. Bassett Company, creates fifth largest cosmetics company in U.S., will capitalize on nail care industry, which grew 16.1% between 2010-2011
LAKE FOREST, California
November 7, 2011
– Pacific World Corporation, the leading innovator and supplier of Proprietary nail and beauty care products worldwide, merged with The W.E. Bassett Company on Monday, creating the fifth largest cosmetics company and second largest nail care company by sales in food, drug, and mass retailers nationwide.
"The transaction with The W.E. Bassett Company represents a merger of two strong global cosmetic accessory companies," said Joe Fracassi, President and CEO of Pacific World. "Pacific World has further solidified its leading portfolio of nail care solutions to enhance the shopping experience and provide a one-stop-shop for consumers through the Fing'rs, Nailene, and Trim Brands."
Despite the recession, Pacific World, The W.E. Bassett Company, and the nail care industry all are flourishing simultaneously. The nail care category grew 16.1% between 2010 and 2011 and the current economic climate has shifted consumer focus to at-home retail products rather than salon treatments. The product portfolios of both companies are well positioned to capitalize on the new trend of at home nail care indulgences including the 2012 launch of SensatioNail, one of the first at-home gel manicure systems on the market.
"Utilizing Pacific World's strengths and position in the industry, our brands now have the opportunity to grow more rapidly by ultimately reaching more consumers," said Craig Finney, President of The W.E. Bassett Company. "We are excited to see two companies come together to create an unmatched nail care leader and better serve retailers for category growth."
The company is expecting to continue its aggressive growth through both organic efforts and strategic acquisitions.
The merger with The W.E. Bassett Company completes a series of four acquisitions/mergers aimed to broaden Pacific World's global scope. In June, 2011, Pacific World acquired Fing'rs Europe, the leader in artificial nails, and now owns and distributes the Fing'rs brand globally after having acquired Fing'rs US in 2005. The acquisition of Woodward Laboratories in 2010 broadened the company's reach and opened the door to the niche market of specialty foot care products.
The investments in Pacific World and The W.E. Bassett Company were funded by Levine Leichtman Capital Partners IV, L.P., a $1.1 billion private equity fund. Levine Leichtman Capital Partners is a Los Angeles, California-based investment firm that manages approximately $5.0 billion of institutional investment capital through private equity partnerships. William Blair & Company served as financial advisor to the W.E. Bassett Company and Edwards Wildman Palmer LLP served as its legal counsel.
ABOUT PACIFIC WORLD CORPORATION
Pacific World Corporation is a leading innovator and supplier of proprietary nail and beauty care products to the food, drug, mass and value retail channels worldwide. The company was founded in 1973 by Robert Leathers and entered the nail care market with the Nailene brand in 1983. In 1995, Pacific World expanded its business to include international markets. In 2002, Pacific World signed a license agreement with Revlon for the Artificial Nail business. A year later, this license agreement was expanded to include Revlon-branded false eyelashes.
The series of four acquisitions/mergers in the last six years started in February of 2005, when Pacific World acquired Fing'rs US and was followed by Woodward Laboratories in January, 2010, Fing'rs Europe in June 2011, and now the merger with The W.E. Bassett Company. Additionally, Pacific World launched geoGiRL Cosmetics in February of 2011 and has been the exclusive marketing/sales distributor of Bio-Oil in the United States since 2007. Pacific World currently markets 1,181 products across six key product lines in more than 81,000 retail locations worldwide.
ABOUT THE W.E. BASSETT COMPANY
The W.E. Bassett Company is the largest supplier of beauty implements globally. Started in 1947 by William E. Bassett with the TRIM product line, Bassett has now grown to include more than 900 quality products. In 2001 the company acquired the Cook-Bates implement division of Pacer Technologies and in 2009 the implement division of Millers Forge. Bassett Products are sold in more than 60,000 retail outlets in more than 74 countries around the world.