Johnson Products is a major player in the ethnic hair care market with annual sales of $23m and range of 30 products that includes the Gentle Treatment and Ultra Sheen brands.
Founded in 1954, Johnson Products has the accolade of being the first minority-run company to be listed on the New York Stock Exchange.
Johnson Products has been in the hands of P&G since 2003 when P&G acquired the business as part of its acquisition of Wella.
Johnson Products goes independent
After more than five years as owners, P&G decided to part company with Johnson Products and has sold it to a newly formed independent entity comprising of private equity firms and industry veterans.
Eric Brown and Renee Cottrell-Brown are the industry veterans who will become both part owners and managers of Johnson Products.
The husband and wife team have extensive experience in ethnic hair care having held senior executive positions at Pro-Line International, a subsidiary of Alberto-Culver.
Focusing on new opportunities
The pair will be hoping to reenergize Johnson Products and seize the opportunities presented by what they estimate to be a $1.8bn marketplace.
“The new Johnson Products Company will provide us with a platform to bring product innovations and promotions to a unique multi-cultural consumer group and reintroduce the brands to a new generation,” said Eric Brown.
Founder George Ellis Johnson gave his endorsement to the sale. He said: “It makes me extremely happy to know that the brands of Johnson Products will be owned by people who understand the African-American consumer market and care about the brands.”