MILAN — In a management buyout deal, The Colomer Group has sold the Framesi USA business to its ex-chief executive officer Dennis Katawczik, and a smaller stake to Framesi SpA, the Italian professional hair care manufacturing firm.
This story first appeared in the May 18, 2009 issue of WWD. Subscribe Today.
Katawczik owns the majority of Framesi USA after he brokered a deal in late April with Framesi SpA, which holds the remaining share of the company. Terms of the deal were not disclosed.
Framesi USA, which was purchased by beauty and hair care distributor TCG in 2002, distributes Framesi’s professional hair color and hair care product lines in U.S. Last year, Framesi USA’s revenues were $32 million, and it distributes to 14,000 hair salons in the U.S.
Fabio Franchina, president of Framesi SpA, said getting Framesi USA back in-house would stimulate growth in the U.S. market. “We are going to be much more dynamic in growing the business now that we are a separate company,” said Franchina. “It will be a tremendous opportunity to provide all the support to the salons in order to help them.”