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Wellspring Capital Management Invests in Chemaid

February 16, 2007

Wellspring Capital Management, a leading private equity firm, has completed an equity recapitalization investment in Chemaid Laboratories, Inc., as part of a staged plan for chartered future growth, a transaction that will provide Chemaid Laboratories with a large capital base and management support for the continued expansion of research and product development facilities and production capacity, according to the company. Terms of the transaction were not disclosed.

Daniel Rachmanis, with more than 20 years experience in the beauty industry, has been named chief executive officer for the company. Most recently, Mr. Rachmanis was president of Fine Fragrance Americas for Firmenich. Additionally, in connection with the recapitalization, Marc Reiner, who has been with Chemaid Laboratories for more than 18 years, has been promoted from vice president to president of the company and will focus on transforming Chemaid Laboratories into the premier high-end contract manufacturer for the cosmetics industry. Roy Reiner, the company’s former president and chief executive officer, will remain with Chemaid Laboratories in an active consulting capacity.
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