Glansaol LLC filed Chapter 11 bankruptcy Wednesday in the Southern District of New York, and simultaneously filed a motion seeking authority to sell substantially all of its assets to AS Beauty LLC. Glansaol’s portfolio includes the Laura Geller, Julep and Clark’s Botanicals brands. Glansaol was formed in 2016 by Alan Ennis, the former CEO of Revlon, with private equity firm Warburg Pincus.
“The Board and management team have thoroughly assessed all of our strategic options and are confident that the proposed sale process represents the best path forward for the company,” said Nancy Bernardini, Glansaol’s Chief Executive Officer. “We are pleased to have entered into an asset sale agreement with AS Beauty and are excited for the company’s future.”
The sale is subject to higher or otherwise better offers, and a court-supervised marketing process. The sale, which is supported by the company’s existing lenders, is designed to preserve the strength of the Company’s core businesses for the benefit of the company’s economic stakeholders. The Bankruptcy Court is expected to consider whether to approve the sale procedures in early 2019.
The Company is being advised by Emerald Capital Advisors as its financial advisor and Willkie Farr & Gallagher LLP as legal counsel. AS Beauty is being represented by Sill Cummis & Gross P.C., as legal counsel.