Skin care brand H2O Plus has been sold.
Private equity firm Cordova, Smart & Williams LLC and Goldman Sachs Urban Investment Group jointly announced Thursday that they have acquired H2O Plus LLC from the firm’s founder, Cindy Melk.
This story first appeared in the May 30, 2008 issue of WWD. Subscribe Today.
Terms of the deal were not disclosed, but the companies stated that CSW and Goldman Sachs will share joint ownership of H2O Plus.
Melk, who founded the skin care brand in 1989, will retain a minority stake in the firm and will remain involved in the business as chief creative officer.
CSW and Goldman Sachs said they aim to grow the H2O Plus business domestically and internationally. The brand, whose products employ marine-derived ingredients, operates its own freestanding stores and is carried at specialty stores like Nordstrom and Ulta.
Sales of H2O Plus, a $100 million business, have risen by 25 percent this year, according to the company.
— Matthew W. Evans
Faust Named CEO at Go Smile
Go Smile has named Leslie Faust as president and chief executive officer, succeeding Jerry Machado, who was appointed interim ceo in June.
Prior to Go Smile, Faust was executive vice president of merchandising at Bath & Body Works. During her four years at Limited Brands Inc. she was responsible for specialty brands, flagships, catalogue, e-commerce and seasonal products. Faust also worked on developing the C.O. Bigelow store concept. She spent 14 years at Neiman Marcus, holding the titles of vice president and divisional merchandise manager for beauty and vice president and dmm for designer accessories.
In addition, Jane Nugent has been appointed vice president of sales, and Jennifer Mathias has been named director of marketing. Michelle Taylor, senior operating partner at JH Partners, an investor in Go Smile, also has been given a seat on the board. Jonathan Levine, a founder of Go Smile, remains a consultant.
Nugent comes to Go Smile from MAC Cosmetics, where she was the executive director of sales and artist training. Mathias is joining the group from Guthy-Renker Corp., where she was the director of innovation for the beauty division.