The deal is expected to close in February
California-based Markwins International Corporation is set to acquire Aspire Brands assets Bonne Bell and Lip Smacker.
Bonne Bell, which was founded in 1927, provides a complete colour cosmetic offering and is said to have 94% consumer recognition.
In 1973, Bonne Bell introduced the Lip Smacker brand, a collection of flavoured lip balms.In 2010, Bonne Bell’s Founder, Jess Bell Jr, reorganised the brand as Aspire Brands, the company which Markwins has agreed to acquire.
Bell said: “Markwins has a proven track record of creating excitement and bringing innovation to the cosmetic category.” He added: “They will bring the same excitement and innovation to the Lip Smacker and Bonne Bell brands.” The acquisition represents Markwins’ third major buy in recent years; the company acquired AM Cosmetics in 2003 and Physicians Formula back in 2012.
Bill George, President and Chief Operating Officer of Markwins Beauty Products, said: “The synergies of adding another mass beauty brand, focused in colour cosmetics, fits wonderfully into Markwins’ current global operations. Bonne Bell and Lip Smacker add new consumers to our growing portfolio without any consumer cannibalisation or crossover.” Markwins and Aspire Brands have agreed to aim to close the deal in February 2015.