Prospect Capital backs a beauty company recap

 The California-based nail and beauty product supplier is owned by private equity firm Levine Leichtman Capital Partners, a returning client of Prospect’s. 

Prospect Capital Corporation, the New York-based lender and business development company, has closed on a $215 million first lien senior secured loan for Pacific World Corporation, a supplier of nail and beauty products, Prospect announced today. The facility will support the recapitalization of the California-based beauty product supplier.

Pacific World is a portfolio company of Levine Leichtman Capital Partners, a Los Angeles-based private equity and credit investment firm which bought it from  founder, Joe Fracassi, in 2009. Fracassi, who established the company in 1973, is president and chief executive at Pacific World.

The company markets about 5,000 products across 86,000 retail locations with brands including Nailene, Trim, SensatioNail, Fuse, Fing’rs, and Woodward’s Myocide. It also acts as the exclusive sales and marketing distributor of Bio-Oil in the US and holds a licensing agreement to market Revlon-branded artificial nails and false eyelashes.

LLCP is a returning private equity sponsor client of Prospect Capital. Kimberly Pollack, a partner at LLCP, commented. “Prospect’s responsiveness and ability to provide a large one-stop financing solutions were integral to the success of this transaction, and we look forward to growing our relationship with the Prospect team.”

Prospect has about $7 billion in capital under management and originated over $2 billion of new deals so far in this year.