TruArc Partners
TruArc Partners, a middle-market-focused private equity firm, has announced its investment in DMI Personal Care alongside President Douglas Sylva and COO Elaine Balady. DMI will combine with Trademark Cosmetics, a TruArc portfolio company.
Kristopher Dover will serve as CEO of the organization, with Sylva remaining as president and Balady remaining as COO.
The partnership will help further the manufacturer’s national presence, with facilities on both the east and west coasts to support customers’ growth and provide redundant production capabilities. This will help DMI to reinforce TruArc’s goal of building a beauty and personal care CDMO platform with innovation, speed-to-market, quality and customer service.
Sylva acquired DMI in 2011 and, with Balady, converted DMI into a product development and complex manufacturing partner for beauty and personal care brands. DMI operates a 320,000-sq ft facility in Wharton, NJ, featuring an in-house R&D and product development lab. The facility offers a range of compounding and filling capabilities.
“We set out with the goal of building a world-class company that is based upon transparency with our customers and trust in our employees,” said Sylva. “We are thrilled to have found partners who share these values in TruArc. Their resources and capital will help us to expand upon them into the future.”
Balady added, “TruArc’s investment in DMI will allow us to further enhance our service offering and capabilities, driving innovation and continued growth for our expansive and prestigious client portfolio, and as importantly, to provide our exceptional management team with enormous opportunities.”
Dover stated, “We have been thoroughly impressed by DMI. We share core values focused on superior customer service, innovation, quality, integrity, and continuous improvement. I look forward to working closely with Doug and Elaine as well as the entire DMI organization in an effort to drive success for our fantastic customer base.”
Gerald Sheehan, Partner at TruArc says, “This partnership marks another significant step in executing our thesis to build a premier CDMO platform focused on the attractive skincare, bodycare, color cosmetics and haircare categories. We intend to continue supporting this platform through significant investments in both organic initiatives as well as future acquisitions that enhance our capabilities and geographic reach.”