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
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