BareMinerals, Buxom and Laura Mercier have been sold to AI Beauty Holdings, Ltd., a new company formed by Advent International, one of the largest global private equity investors. Shiseido reportedly put the three brands on selling block this summer. Pascal Houdayer will serve as CEO of the new company.

In a corporate statement, Shiseido said the sale aligns with its  “fundamental business transformation focused on positioning Shiseido to succeed.”

Shiseido described Advent as a “hands-on, established investor,” pointing to its January 2020 acquisition of Olaplex as an example.

According to published reports, Pascal began his career at Procter & Gamble, rising from senior marketing roles to general management roles over an 18-year career. He moved to Henkel in 2011, where he spent six years, and in 2018 he was named CEO of NAOS, a global family-owned business founded by Jean-Noël Thorel that develops skin care and personal care products under the Bioderma, Institut Esthederm and Etat Pur brands.

Masahiko Uotani, President and CEO of Shiseido Group, added, “While bareMinerals, BUXOM and Laura Mercier have been a core part of our portfolio and have benefitted from Shiseido’s stewardship to date, we believe Advent is uniquely positioned to continue supporting all three brands alongside their talented teams moving forward. As Shiseido continues to execute against our WIN 2023 and Beyond strategy, we are confident in the performance and continued growth potential of our global prestige portfolio which includes, brand SHISEIDO, Clé de Peau Beauté, NARS, Drunk Elephant and our portfolio of fragrance brands. We remain focused on making strategic investments across the portfolio and exploring other potential opportunities that fit into our premium skin beauty and global growth objectives.”

Ron Gee, President & CEO of Shiseido Americas and Global M&A Leader stated, “We are not surprised that bareMinerals, BUXOM and Laura Mercier have attracted the interest of one of the largest and most experienced global private equity investors, Advent, with skilled investment expertise in consumer brands. bareMinerals, BUXOM and Laura Mercier are incredible brands with strong followings and bright futures ahead. For the employees of bareMinerals, BUXOM and Laura Mercier, and for all those employees who have been dedicated to these businesses, we appreciate the many contributions that have been made over the years to help foster these brands and we look forward to seeing their continued success under Advent.”

Tricia Glynn, a Managing Director at Advent, said, “They are clear leaders in prestige beauty and are widely recognized for their quality, authenticity and innovation, with differentiated products and devoted consumers. We are excited to partner with Pascal Houdayer as CEO of the new company to accelerate the growth of these brands by continuing to develop innovative products, expanding into new categories and geographies and enhancing digital engagement with customers.”

The transaction is subject to customary regulatory approvals and closing conditions and is expected to close before year end.

Perella Weinberg Partners acted as financial advisor to Shiseido Americas, and Morgan, Lewis & Bockius LLP served as legal counsel to Shiseido Americas. Jefferies LLC served as Advent’s financial advisor and Weil, Gotshal & Manges LLP served as legal counsel.