Pevonia is back in the family now.
The founders of the spa-orientated skin-care brand Philippe and Sylvie Hennessy, repurchased 100 percent of the company from the private equity firm TSG Consumer Partners. They completed the deal on Feb. 17.
The purchase comes after TSG sold all but one of the beauty brands in its portfolio over the last several years. It continues to have a minority stake in IT Cosmetics, a niche makeup brand said to be considering an initial public offering.
At Pevonia, Philippe Hennessy will maintain his role as president and chief executive officer, with plans to take a more hands-on approach, and his wife Sylvie, who serves as executive vice president, will continue to oversee educational and research and development. The pair founded the Daytona Beach, Fla.-based company in 1991. They distribute the line to upscale spas and resorts, such as the Ritz-Carlton and Four Seasons.
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Philippe Hennessy said sole ownership will allow him to “execute our vision for the future.”
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That vision includes expanding in spas across the U.S. and beyond the 119 countries where Pevonia is sold, said Shawn Morgan, the company’s vice president of sales.
He noted Pevonia is sold in upscale resorts and spas in the U.S., and is eyeing expansion in New York, Chicago, Los Angeles and Miami in particular. “We haven’t even touched the top of the opportunities,” said Morgan.
On the product front, Philippe Hennessy the company is focused on developing new treatments. “We recently launched our Stem Cells Phyto-Elite line for the face and it has been one of the most successful launches in the history of the company. We are preparing to launch our YouthRenew Tinted Cream SPF 30 later this month (broad spectrum) followed by a wonderful de-aging lip plumper and an extraordinary Stem Cells Phyto-Elite Body line that will launch this summer.”
With the company back in the family’s hands, the brand is targeting 10 percent sales growth over the next year, and 20 percent growth the following year.