OPI to Sell?

According to reports yesterday from news site Bloomberg, OPI is in advanced talks to sell itself to a beauty care company or private equity firm for as much as $1 billion.
We’ve heard these rumors before so it’s hard to say how much weight we should put on the speculation. According to Bloomberg’s sources, New York-based perfume-maker Coty Inc. is a leading bidder but private-equity firms Bain Capital LLC and Advent International Corp. also made first- round bids.
Founded in 1981, the polish manufacturer and industry powerhouse has annual sales of about $300 million, according to people with knowledge of the situation.
All parties, including OPI president/CEO George Schaeffer, have declined to comment. Harris Shepard, spokesperson for OPI, said, “The rumors about the sale of OPI have persisted for years. Other than that, I have no comment.”
In April, L’Oreal agreed to buy Essie Cosmetics to expand in the nail color market in the U.S. Terms weren’t disclosed. According to L’Oreal at the time, Essie’s sales in the previous 12 months were $28 million.
— Hannah

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