FOR IMMEDIATE RELEASE
JH Partners and Berkshire Partners Recapitalize Bare Escentuals
San Francisco, CA - June 7, 2006 - Private equity firms JH Partners LLC and Berkshire Partners LLC today announced the approximate $700 million recapitalization of Bare Escentuals, Inc., the market leader in mineral-based cosmetics.
Today's transaction is Bare Escentuals' fourth recapitalization in the last two years. In June 2004, JH Partners and Berkshire Partners together led a recapitalization in which both firms made substantial equity investments. As part of today's recapitalization, both firms returned to their investors an additional approximately 270% of the equity capital invested in the June 2004 recapitalization, bringing the total capital returned to approximately 520% of capital invested.
The senior debt financing for the recapitalization was provided by BNP Paribas and CIBC World Markets. The transaction closed on June 7.
About Bare Escentuals
Headquartered in San Francisco, California, Bare Escentuals is a marketer of branded cosmetics and skin care products focused primarily within the health and beauty and the cosmeceutical markets. Bare Escentuals markets products under a portfolio that consists of recognized brands such as its i.d. bareMinerals line and md formulations. The Company markets its brands through direct response television (both long-form infomercials and QVC), company owned boutiques, premium wholesale accounts, such as Ulta and Sephora, and spas and salons. Additional information regarding Bare Escentuals may be found at www.bareescentuals.com.
About JH Partners, LLC
JH Partners is a San Francisco-based private equity firm focused on investments in growth-oriented middle market consumer products and services companies. 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, Bare Escentuals, Design Within Reach and Frette, among others. In 2006, the company raised $350 million in its second institutional fund to follow its inaugural $200 million institutional fund from 2004. Additional information may be found at www.jhpartners.com.
Contact:
Pat Collins
JH Partners
415-364-0318
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