Mav Beauty Brands is set to be acquired by investment firm Nexus Capital Management.
Ontario’s Superior Court of Justice has approved the deal, which will see the private equity company acquire all of the beauty business’ assets.
This includes its portfolio of brands Marc Anthony True Professional, Renpure, Cake Beauty and The Mane Choice.
Trading of the company’s shares on the Toronto Stock Exchange (TSX) has also been halted, and the TSX will delist the company's common shares on 21 December 2023.
This comes after Mav Beauty Brands successfully floated on the stock exchange in 2018, selling 9,000,000 common shares under the offering at a price of US$14 per share.
The sale price is said to be significantly less than its current outstanding debt, which stands at $121.7m.
Kayla Dean Obia, VP at Nexus, said it will establish a new capital structure in order to renew growth and profitability for the Canadian brand owner.
“With MavBeauty Brands, we see strong long-term potential in the company's iconic brands, high-quality products, and loyal consumer base,” added Dean Obia.
It added that its operations will continue “uninterrupted” during the sales process, which is anticipated to complete by no later than 22 December 2023.
The business added this is subject to the “satisfaction or waiver of customary closing conditions”.
Nexus Capital Management was founded in 2013 and is currently based in Los Angeles, California.
The acquisition will add to the investment firm’s roster of beauty brands, which currently includes Sky Organics and Sugarbear.
Mav Beauty brands was established by hair stylist Marc Anthony Venere in 1995.