Markwins International Corporation Closes Acquisition Of Physicians Formula Holdings, Inc.
CITY OF INDUSTRY, Calif. and AZUSA, Calif., Dec. 12, 2012 (GLOBE NEWSWIRE) -- Markwins International Corporation ("Markwins" or the "Company") announced today that it has acquired all of the outstanding securities of Physicians Formula Holdings, Inc. (Nasdaq:FACE) ("Physicians Formula") for $75.0 million or $4.90 per share in cash. Physicians Formula stockholders also received a special 3 1/2 cent per share dividend as part of the transaction. The $4.90 per share price represents a premium of approximately 33% to Physicians Formula's closing stock price on August 14, 2012 (the trading day prior to the announcement that Physicians Formula entered into a merger agreement with affiliates of Swander Pace Capital) and a premium of approximately 40% to Physicians Formula's one-month volume-weighted average price as of that same date.
The acquisition of Physicians Formula represents a major step towards Markwins' strategy to add an up-market brand in the "masstige" cosmetics space to its existing dominant entry point wet n wild® brand, and become the next major global innovator of beauty products. This is Markwins' second acquisition following its acquisition of AM Cosmetics in 2003.
Eric Chen, CEO of Markwins, stated, "Markwins' mission is to bring the best beauty products within a brandscape that most appeals to our customers and consumers on a global spectrum. Our company's diversified vertical integration model enables us to achieve this objective in the most efficient parameter. The addition of Physicians Formula will broaden Markwins' scope and service more beauty constituents around the world. The rich heritage and constant innovation from Physicians Formula elevates Markwins' portfolio and reinforces our longstanding pursuit in providing progressive products with a consumer-centric marketing strategy."Ingrid Jackel, Chairwoman and CEO of Physicians Formula, commented, "We are excited to be joining forces with Markwins International Corporation as this merger brings together two non-competing, complementary brands in the same channel under one larger umbrella. We look forward to continue to grow and expand the Physicians Formula brand globally with the support of our new parent company."
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