Cosmetic Essence, Inc.
We work closely with entrepreneurs to build upon their accomplishments and create even stronger companies and organizations. In the case of Cosmetic Essence, Brockway Moran & Partners partnered with Cosmetic Essence’s founder and CEO, John Croddick, to do just that.
At the time we acquired a controlling interest in Cosmetic Essence, the company was the leading outsourced manufacturer of alcohol-based fragrance products with a growing presence in crèmes and lotions. The company was presented with meaningful growth opportunities, but lacked the financial resources and management depth to fully capitalize on the market opportunity.
We recognized the inherent value of Cosmetic Essence and worked closely with John Croddick to attract leading executives to the company, including an outstanding COO and CFO. This enabled John to focus the majority of his attention on strategic matters and customer relationships. Together, we implemented a strategic plan that included accomplishing four add-on acquisitions in less than two years. These acquisitions diversified Cosmetic Essence’s capabilities into color cosmetics, secondary packaging and licensed products, as well as further strengthened the company’s relationships with its customer base.
After accomplishing the strategic goals we established with our initial investment and building a significantly more valuable enterprise, Cosmetic Essence was sold to a private equity firm. As for John Croddick, he came out “smelling like a rose” – he achieved substantial financial liquidity and continued to lead the company as CEO until his retirement.Print