NEW YORK — Daniel Rachmanis has been made chief executive officer of beauty manufacturer Chemaid Laboratories as a result of an equity recapitalization of the firm by Wellspring Capital Management.
Wellspring Capital said it was giving Chemaid, which produces hair, skin, and bath and body care products, a “large capital base and management support” designed to expand the manufacturer’s research and product development facilities.
Rachmanis said in a statement this week, “Together with Wellspring Capital, we plan to expand the company’s production and service capacity and strengthen the infrastructure to better meet our customers’ expanding needs.” Rachmanis replaced Roy Reiner, Chemaid’s former president and chief executive officer who will continue working with the company as a consultant. Marc Reiner, who has been with Chemaid for more than 18 years, has been promoted from vice president to president.
Rachmanis, who has more than 20 years of experience in the beauty industry, was most recently Firmenich’s president of fine fragrance, Americas. He also was chairman of Techpack and president of SGD Glass.