P&G Sells Johnson Products Company
Procter & Gamble Company sells its Johnson Products Company unit, one of the world's most recognized market leaders in African-American hair care products, to RCJP Acquisition, Inc., a newly formed independent entity comprised of Los Angeles-based private equity firms Rustic Canyon/Fontis Partners, LP and St. Cloud Capital LLC, along with an African-American management team of industry veterans. Terms of the transaction were not disclosed.
The company will operate as Johnson Products Company. The new management team will be led by two industry veterans with strong ties to the business, husband and wife team, Eric Brown and Renee Cottrell-Brown. They have extensive experience in the ethnic hair care arena, having both held senior executive positions with the Pro-Line International, Inc. subsidiary of Alberto-Culver Company. Brown will serve as chief executive officer, with Cottrell-Brown as executive vice president.
"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," says Brown. "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."
Johnson Products has annualized sales of more than $23 million. Its products are sold throughout the United States and participate in a global market that the company estimates to be approximately $1.8 billion.
The company will operate as Johnson Products Company. The new management team will be led by two industry veterans with strong ties to the business, husband and wife team, Eric Brown and Renee Cottrell-Brown. They have extensive experience in the ethnic hair care arena, having both held senior executive positions with the Pro-Line International, Inc. subsidiary of Alberto-Culver Company. Brown will serve as chief executive officer, with Cottrell-Brown as executive vice president.
"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," says Brown. "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."
Johnson Products has annualized sales of more than $23 million. Its products are sold throughout the United States and participate in a global market that the company estimates to be approximately $1.8 billion.