Belvedere goes private; bought from P&G
Belvedere USA recently announced that it became a privately owned company after it was purchased from its parent company, Proctor and Gamble, by two of its senior company managers, Horst Ackermann and Barry Sanders, who were president of Belvedere USA and vice president of finance and administration, respectively. Under the new ownership, Ackermann is now chief operating officer and Sanders is president of the company.
“Today marks a new day for Belvedere USA – its employees, its customers and its brand,” said Ackermann, COO of Belvedere USA. “We believe that Belvedere as a company is now better positioned to serve all segments of the professional hairstylist market and an 80-year tradition of a great American company will be upheld and improved upon.”
In 1998, Belvedere Company was acquired by Darmstadt, Germany-based Wella AG. Under the merger, Belvedere Company became Belvedere USA Corporation and it gained new business opportunities through Wella divisions in other countries. In 2003, Proctor and Gamble acquired Wella Corporation.
Despite these acquisitions, Belvedere continues to be based in Belvidere, Illinois. This year marks its 80th anniversary in the salon industry as a manufacturer and marketer of salon and spa furnishings and equipment. COO Horst Ackermann said that the company would also look into expanding its product lines to include merchandise from international suppliers.
The structure of the company will remain the same under its new ownership. Senior managers Larry Kane, vice president of sales; Eric Lewine, vice president of sales; and Steve Wilcox, director of marketing, will stay with the company.
“Our focus is on the customer and our goal is to meet the expectations of that customer quickly,” said Sanders, president of Belvedere. “To reach that target, we will actively seek partnerships and alliances that were not feasible before. It’s our intent to reinforce the important historical cornerstones of our products – quality, style and comfort – over the coming months.”