Elizabeth Arden Said to Hire Goldman to Contact PE FirmsJodi Xu and Cotten Timberlake
Elizabeth Arden Inc., after attracting takeover interest from South Korea’s LG Household & Health Care Ltd., has hired Goldman Sachs Group Inc. to contact private-equity firms and other potential buyers, a person familiar with the matter said.
While Elizabeth Arden is running a sales process, no deal is done and the company may decide not to sell itself, said the person, who asked not to be identified because the matter is private.
LG Household, which makes WHOO Hwanyugo skin-care products, perfumes and toothpaste, is looking at “big deals” locally and overseas, including one for Elizabeth Arden, Lee In Ick, a spokesman for the LG Group unit, said yesterday. Elizabeth Arden, based in Miramar, Florida, makes fragrances including Elizabeth Taylor and Britney Spears brand perfumes.
Reuters reported the Goldman Sachs hiring earlier.
Tiffany Galvin, a spokeswoman at New York-based Goldman Sachs, declined to comment. Marcey Becker, a senior vice president at Elizabeth Arden, didn’t immediately reply to a phone call seeking comment.
Elizabeth Arden shares rose 13 percent to $36 at the close in New York, following a 12 percent gain yesterday.