P&G sells its African-American hair care brand
LOS ANGELES Procter & Gamble has sold its Johnson Products Co. unit, an African-American hair care products brand, to newly formed independent entity RCJP Acquisition Inc.
Terms of the transaction were not disclosed. Johnson Products offers more than 30 hair care products, including the Gentle Treatment and Ultra Sheen brands. It has annualized revenues of more than $23 million.
RCJP Acquisition is comprised of Los Angeles-based private equity firms Rustic Canyon/Fontis Partners LP and St. Cloud Capital LLC, along with a management team of industry veterans.
The company will operate as Johnson Products Company. Industry veterans and husband and wife team, Eric Brown and Renee Cottrell-Brown, will lead the new management team. They both have held senior executive positions with Alberto-Culver?s Pro-Line International subsidiary. Brown will serve as CEO, with Cottrell-Brown serving as EVP.
"The acquisition of Johnson Products represents the renewal of a family of products that revolutionized the ethnic hair care industry starting in the 1950s, and a next stage of growth for a legendary company that has been an iconic figure and model of success for African-Americans," Brown stated. "The new Johnson Products Company will provide us with a platform to bring product innovations and promotions to a unique multi-cultural consumer group and reintroduce the brands to a new generation. We have an outstanding, motivated team, and we are extremely excited and optimistic about the future of this new venture."
Brown most recently was president of Pro-Line International, which has been part of Alberto-Culver Company since 2000. In January 2004, Brown moved into a corporate position with Alberto-Culver as VP global business development, where he was instrumental in consummating global licensing, distribution, acquisition and divestiture opportunities for many of Alberto-Culver?s global brands.
Renee Cottrell-Brown, who since 2006 operated a marketing consulting firm, previously held a 25-year career with Pro-Line Corporation and Pro-Line International, most recently as global VP of retail marketing.
Commenting on the acquisition, Jay Forbes, president of the Forbes Connection LLC and former VP of Drug Store News, stated, "In a market that demands innovation, creativity and thoughtful product positioning, I cannot think of two more talented individuals who better understand the ethnic consumer and the retail community. I'm certain that Renee and Eric, with their collective experience over many years contributing to the growth of the Pro-Line family business, will excel in re-energizing Johnson Products, a great legacy company with outstanding brands."
Kacy Rozelle and Marshall Geller of St. Cloud Capital, along with Daniel Villanueva and Gabrielle Greene of Rustic Canyon/Fontis Partners, will join the Johnson Products? board of directors.