(Bloomberg) -- MAV Beauty Brands Inc., the personal-care company founded by celebrity hairstylist Marc Anthony Venere, raised C$242 million ($182 million) in its initial public offering, according to people familiar with the sale.
The Toronto-based firm priced its shares at C$14 each, the low end of its marketed range of C$14 to C$16, the people said, asking not to be identified because the details aren’t public.
The share sale was led by Canadian Imperial Bank of Commerce, Royal Bank of Canada and Jefferies Securities Inc., according to a regulatory filing.
U.S. private equity firm TA Associates Management acquired Marc Anthony in 2016 for about C$230 million. The company expanded its beauty business this year by acquiring Canadian hair and skin care company Cake Beauty.
MAV Beauty is expected to use the proceeds from the treasury sale, together with the borrowings from a new credit facility, to retire all of its outstanding debt, according to a regulatory filing. The company will not receive any of the proceeds from the stock sold by its current shareholders, TA Associates, Redmond Holdings and an entity owned by the company’s founder.
MAV Beauty’s products include a variety of hair, body care and beauty products sold in over 25 countries around the world.
Marc Anthony Venere founded the company in 1995. His salons’ celebrity customers have included Hilary Swank, Ellen Page, Freida Pinto and Eva Longoria, as well as Justin Bieber and Harrison Ford, according to a 2015 statement.
The company is expected to list on the Toronto Stock Exchange under the symbol "MAV."
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