PureBeauty, Inc., announced today that it has filed a
voluntary Chapter 11 petition and entered into an acquisition
agreement with Cameron Capital Corporation pursuant to which Cameron
will acquire substantially all of PureBeauty's operating assets under
section 363 of the U.S. Bankruptcy Code.
PureBeauty also announced that it has secured a new $4.75 million debtor-in-possession credit facility with Webster Business Credit Corporation, the company's senior lender, to finance its working capital needs and allow it to continue normal business operations during the sale process, including meeting postpetition obligations to employees, vendors, landlords and others.
Under the agreement, Cameron Capital will acquire substantially all of PureBeauty's assets necessary to continue the Company's retail and salon/spa operations and will retain the substantial majority of its employees. Cameron Capital further intends to support and enhance PureBeauty's existing vendor relationships as the Company repositions its business strategy to achieve long-term sustained growth.
"We believe the personal care industry expertise and capital provided by Cameron Capital will provide the financial strength to create a leading consumer lifestyle beauty and image resource" said James C. Petty, President and CEO of PureBeauty.
"We are excited to invest in PureBeauty's brand and platform, and believe that our professional personal care experience will help to enhance and expand PureBeauty's market share," said David Wills, a spokesperson for Cameron Capital.
The voluntary Chapter 11 petition was filed in the United States Bankruptcy Court for the Central District of California, San Fernando Valley Division. The Bankruptcy Court supervised sale approval process is expected to be completed during the second quarter of 2006. PureBeauty has retained Klee, Tuchin, Bogdanoff & Stern LLP as bankruptcy counsel and Alvarez & Marsal, Inc. as financial advisors.
About PUREBEAUTY:
PUREBEAUTY, operates 48 retail stores and salons offering professional haircare and skincare services, featuring a leading assortment of professional and prestige personal care products. PureBeauty also operates six "brand" stores, providing customers with a variety of aspirational products and services.
About Cameron Capital Corporation:
Cameron Capital is a private investment firm that invests in companies that can benefit from its combination of operating expertise, capital and strategic industry vision. Over the past 20 years Cameron Capital has invested in a variety of industries including financial services, technology and personal care. The personal care industry has been the firm's strategic focus for the past five years.
PureBeauty also announced that it has secured a new $4.75 million debtor-in-possession credit facility with Webster Business Credit Corporation, the company's senior lender, to finance its working capital needs and allow it to continue normal business operations during the sale process, including meeting postpetition obligations to employees, vendors, landlords and others.
Under the agreement, Cameron Capital will acquire substantially all of PureBeauty's assets necessary to continue the Company's retail and salon/spa operations and will retain the substantial majority of its employees. Cameron Capital further intends to support and enhance PureBeauty's existing vendor relationships as the Company repositions its business strategy to achieve long-term sustained growth.
"We believe the personal care industry expertise and capital provided by Cameron Capital will provide the financial strength to create a leading consumer lifestyle beauty and image resource" said James C. Petty, President and CEO of PureBeauty.
"We are excited to invest in PureBeauty's brand and platform, and believe that our professional personal care experience will help to enhance and expand PureBeauty's market share," said David Wills, a spokesperson for Cameron Capital.
The voluntary Chapter 11 petition was filed in the United States Bankruptcy Court for the Central District of California, San Fernando Valley Division. The Bankruptcy Court supervised sale approval process is expected to be completed during the second quarter of 2006. PureBeauty has retained Klee, Tuchin, Bogdanoff & Stern LLP as bankruptcy counsel and Alvarez & Marsal, Inc. as financial advisors.
About PUREBEAUTY:
PUREBEAUTY, operates 48 retail stores and salons offering professional haircare and skincare services, featuring a leading assortment of professional and prestige personal care products. PureBeauty also operates six "brand" stores, providing customers with a variety of aspirational products and services.
About Cameron Capital Corporation:
Cameron Capital is a private investment firm that invests in companies that can benefit from its combination of operating expertise, capital and strategic industry vision. Over the past 20 years Cameron Capital has invested in a variety of industries including financial services, technology and personal care. The personal care industry has been the firm's strategic focus for the past five years.