FOR IMMEDIATE RELEASE

JH PARTNERS AND BERKSHIRE PARTNERS RECAPITALIZE MD BEAUTY

SAN FRANCISCO, CA - June 11, 2004 - JH Partners, a San Francisco-based private equity firm focused on the consumer products and services industry, today announced the close of MD Beauty, Inc.'s recapitalization, a transaction it co-sponsored with Boston-based private equity group Berkshire Partners.

A JH Partners portfolio company, MD Beauty Inc. is one of the fastest growing personal care companies in the U.S. with a line of recognized brands that includes Bare Escentuals cosmetics and md formulations skin care products.

"MD Beauty has been a superb investment for JH Partners and our investors for more than a decade," said John Hansen, President of JH Partners. "We've chosen to reinvest in this company because of its strong brands, proven management, large markets and multi-channel distribution strategy. We also believe the business will continue its rapid growth-all of these characteristics define the ideal JH Partners' investment."

In 1990, John Hansen, President of JH Partners, purchased Bare Escentuals, a leading mineral-based cosmetics company, and in 1999 JH Partners purchased MD Formulations, a leading cosmeceuticals firm. JH Partners merged the two companies in 2001 to form MD Beauty, maintaining majority ownership.

"We are pleased to co-sponsor this recapitalization with Berkshire Partners, who will add substantial consumer and investment expertise to the ownership group to aid MD Beauty's next phase of growth," Hansen added.

"MD Beauty has consistently created innovative products for a diverse and growing customer base," said Ross M. Jones, Managing Director at Berkshire Partners. "We consider ourselves very fortunate to be investing at this exciting stage of the Company's life."

"Over the past decade, John and his team at JH Partners have played an integral role in the development and growth of MD Beauty, providing not just financial capital, but human capital through their operational expertise," said MD Beauty President and CEO Leslie Blodgett. "We've rapidly increased sales of our cosmetics and skin care products, significantly improved margins and moved into several additional distribution channels. We believe this recapitalization sets the stage for the next round of growth at MD Beauty."

The senior debt financing for the recapitalization was led by BNP Paribas and Gleacher Mezzanine LLC and York Street Capital Partners provided the mezzanine debt. CIBC World Markets advised MD Beauty in the transaction.

About MD Beauty

Headquartered in San Francisco, California, MD Beauty is one of the fastest growing personal care companies in the U.S. The company is a marketer of branded cosmetics and skin care products focused primarily within the health and beauty and the cosmeceutical markets. MD Beauty markets products under a portfolio that consists of recognized brands such as Bare Escentuals, including its i.d. bareMinerals line, and md formulations. The Company markets its brands through direct response television (both long form infomercials and QVC), 19 company owned boutiques, premium wholesale accounts, such as Ulta and Sephora, and spas and salons. Additional information regarding MD Beauty may be found at www.bareescentuals.com.

About Berkshire Partners

Berkshire Partners has invested in mid-sized private companies for the past twenty years through six investment funds with aggregate capital commitments of approximately $3.5 billion. The firm's investment strategy is to seek companies that have strong growth prospects and to partner with talented management teams who are interested in being owners of the companies they operate. Berkshire has developed specific industry experience in several areas including consumer products, industrial manufacturing, transportation, communications, business services, and retailing and related services. Berkshire has been an investor in over 75 operating companies with more than $11.0 billion of acquisition value and combined revenues in excess of $15.0 billion. Additional information may be found at www.berkshirepartners.com.

About JH Partners

JH Partners is a San Francisco-based private equity firm focused on investments in growth-oriented middle market consumer products and services companies. Since 1986, the principals of JH Partners have invested approximately $150 million. The firm distinguishes itself among private equity firms in that each of its principals has senior-level operating experience building middle-market consumer related businesses. JH Partners has been instrumental in aiding the growth of powerful consumer brands, including Peet's Coffee & Tea (NASD: PEET), Bare Escentuals, Performance Bicycle Shop, Bell Helmets, and Design Within Reach, among others. Additional information may be found at www.jhco.com.

Contacts:
JH Partners LLC
Pat Collins
415-364-0318

Or

Abernathy MacGregor Group
Steve Bruce/Dan Hilley
213-630-6550