Cosmetic Essence Completes Financial Restructuring

Cosmetic Essence, a contract manufacturer to the cosmetic industry based in Holmdel, NJ, has completed its financial restructuring, a process it began earlier this year. The effort has resulted in a substantial reduction of its debt.

The bank group participating in the company has been consolidated and interest obligations have been significantly reduced, the company announced today.

As a result of the transaction, the company has further improved its balance sheet and its overall financial strength. A principal investor in CEI is private investment firm Littlejohn & Co., LLC.The firm is currently investing from Littlejohn Fund III, L.P. and Littlejohn IV, L.P., which have $1.3 billion in available capital commitments.Garrison Investment Group is also a significant continuing investor.In addition, General Electric Capital and BNP Paribas are significant continuing lenders, according to CEI.

“This successful financial restructuring demonstrates the confidence our investors have in the long-term potential of our company,” said Vincent Langone, Cosmetic Essence’s Interim chief executive. “As a result of their support, we are now better positioned to focus our efforts on the continued implementation of our strategic plan.This includes increased effort in the area of product innovation and R&D and continued investment in CEI’s full supply chain capability.I would like to especially thank our loyal employees, customers and suppliers who have supported us during this process.”

Established in 1984, CEI is a global organization specializing in innovative product development, supply chain and manufacturing capabilities.CEI’s world-class facilities provide an extensive range of services including blending and filling of fragrances, crèmes and lotions, color cosmetics and specialty household products.