Company Profile
New Avon, LLC
Company Overview
New Avon LLC is the leading social selling beauty company in North America, with independent sales Representatives across the United States, Puerto Rico and Canada. New Avon’s product portfolio includes award-winning skincare, color cosmetics, fragrance and personal care products, featuring iconic brands such as ANEW, Avon Color, mark., and Skin So Soft, as well as fashion and accessories. Avon has a 130 year history of empowering women through economic opportunity, and the company also proudly supports the Avon Foundation for Women in its efforts to end breast cancer and domestic violence.
This is the company that puts mascara on lashes and food on tables. That fights wrinkles with one hand and breast cancer with the other. That knows the value of a perfect lip, but still opens its mouth and speaks out against domestic violence and for women's financial independence. This is the company that not only brings beauty to doors, but also opens them. This is Avon. The company that for over a century has stood for beauty, innovation, optimism and, above all, for women.
Everyday, Avon brings beauty to the lives of women. At Avon, beauty means more than finding the right lipstick shade for a customer. It means providing an earnings opportunity so a woman can support her family; and championing causes that matter to many women – eradicating breast cancer and ending domestic violence.
Company History
NEW YORK, March 1, 2016:
Avon Products, Inc. ("Avon") and Cerberus Capital Management, L.P. ("Cerberus") today announced the close of their strategic partnership transaction (previously announced on December 17, 2015). This partnership includes the separation of Avon's North America business into a privately-held company that is majority-owned and managed by an affiliate of Cerberus. The North American business will operate under the name New Avon LLC. Avon Products, Inc., comprised of the remaining international markets, continues to trade on the New York Stock Exchange under the ticker AVP.
Under the terms of the transaction, an affiliate of Cerberus invested $435 million in Avon in exchange for Avon convertible perpetual preferred stock. Assuming the conversion of the preferred stock to common stock at the conversion price of $5.00 per share, this equates to an ownership interest of approximately 16.6% as of March 1, 2016. In addition, Avon's North America business has been separated into a privately-held entity, in which an affiliate of Cerberus has invested $170 million for an approximate 80% ownership interest. Avon maintains an approximate 20% interest in New Avon LLC. For more details on the strategic partnership, please visit investor.avoncompany.com.
"We are strong believers in the power of the Avon brand and the direct-selling business model, and are confident we can be a catalyst for improvement in both North American and the international markets," said Steven F. Mayer, Senior Managing Director and Co-Head of Global Private Equity of Cerberus. "Having now spent months with the company, its management team, its Representatives and its Associates, we are even more enthusiastic about investing in the North American Representatives and business. Our goal is to make the direct-selling model and the Representative experience more contemporary, efficient, and profitable by reinvigorating the Avon brand, improving New Avon LLC's competitiveness, and positioning it for long-term, sustainable growth."
About Cerberus -
Established in 1992, Cerberus is one of the world's leading private investment firms. Cerberus has approximately $30 billion under management invested in four primary strategies: operational private equity; real estate-related investments; commercial mid-market lending, and distressed securities and assets. From its headquarters in New York City and offices in the U.S., Europe and Asia, Cerberus has the on-the-ground presence, including both investment personnel and members of its Operations Team, to invest in multiple industry sectors, through multiple investment strategies, in countries around the world.
NEW YORK, April 18, 2016:
New Avon LLC today announced the appointment of J. Scott White as Chief Executive Officer. Mr. White will join the company effective April 25, 2016.
Mr. J. Scott White is Chief Executive Officer of New Avon LLC, effective April 25. Mr. White joins New Avon from Abbott Laboratories, serving most recently as President of International Nutrition, where he led 9,000 employees across 100 countries. During his decade-long tenure at the company, he served in several leadership roles, including President of Abbott Nutrition North America, Divisional Vice President of Latin America and Divisional Vice President of US Pediatric Nutrition. His accomplishments at Abbott include delivering consistent double-digit revenue growth for the International Nutrition business, creating a robust innovation pipeline for the North American Nutrition business and building strong sales and marketing teams.
Prior to Abbott Laboratories, Mr. White spent 15 years at Procter & Gamble, holding brand management roles, including Marketing Director of Global Hair Care, Marketing Director of Mexico and Central America and Marketing Director of Latin America Hair Care.
Mr. White holds a Master of Business Administration from the Kellogg School of Management at Northwestern University and a Bachelor in Finance from Miami University of Ohio. He currently serves on the Business Advisory Council to the Farmer School of Business at Miami University
Benefits
On your date of hire, you will be eligible to participate in Avon’s benefit programs generally available to all associates who satisfy certain eligibility requirements as of your date of hire. Accordingly, you will be eligible for our health and welfare benefits such as medical, dental, vision and long-term disability plans as of your date of hire.