AZUSA, Calif. (AP) -- Swander Pace Capital is taking cosmetics and skin care company Physicians Formula private in a deal that the companies value at about $65 million.
Swander Pace, a private equity firm, said Wednesday it will pay $4.25 per share in cash for each share of Physicians Formula, which is based in Azusa, Calif. The price represents a 15 percent premium over the stock's closing price Tuesday of $3.68. Company shares topped $4 in May and have stayed below that since then but are still up 15 percent so far this year.
Products from Physicians Formula Holdings Inc. are sold in more than 25,000 stores, including those operated by large chains like Wal-Mart Stores Inc. and CVS Caremark Corp. The company said its board of directors has unanimously approved the deal, but shareholders still need to approve it. The acquisition is expected to close later this year.