Firelight Capital Companions, an operationally-oriented personal fairness agency, introduced on Thursday the acquisition of Fromm Worldwide, marking its first platform funding in magnificence.
Fromm Worldwide, based in 1907, has lengthy been revered for its progressive instruments, equipment, and on a regular basis magnificence necessities catering to each professionals and shoppers.
Fromm’s intensive distribution community, spanning hundreds of factors all through North America and Western Europe, together with all Ulta Magnificence shops, positions it as a key participant within the magnificence market. The corporate has earned recognition for delivering high-quality magnificence and grooming instruments beneath manufacturers akin to Fromm Professional, The Hair Edit, and Diane. Moreover, Fromm stands as one of many largest suppliers of training kits to magnificence faculties throughout North America.
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“We see large potential in Fromm’s manufacturers and are excited to construct upon its greater than 100-year legacy of success,” mentioned Pat Collins, managing accomplice of Firelight Capital Companions.
Fromm’s present homeowners, Julie Simon Johnson and Kevin Johnson, who will proceed to personal a portion of the corporate, added “We’re extraordinarily happy with what the Fromm workforce has completed and are excited to see what the long run holds. We imagine the group will proceed to thrive and develop beneath the brand new management.”
With the acquisition comes a change in management, as Martin Okner assumes the function of CEO, efficient January 2. Kevin Barrett, the present president of Fromm, with 35 years of devoted service, will transition management of day-to-day operations to Okner whereas retaining his title and contributing to particular initiatives.
Most not too long ago, Okner was president of DpHue, and has earlier expertise at Fortune 500 corporations akin to Revlon and Cadbury.
“I’m honored to guide Fromm into this new chapter. With the corporate’s sturdy basis and help of Firelight Capital Companions, we are going to proceed to ship distinctive services and products to our prospects and can proceed to comprehend new alternatives for development and enlargement by means of retail distribution and acquisitions,” mentioned Okner.