- MiniLuxe Holding’s (MNLX) wholly-owned subsidiary MiniLuxe Inc. has signed a definitive agreement to acquire Paintbox on June 20, 2022
- Paintbox is a leading brand in the nail care industry and is based in New York
- Paintbox establishes an immediate presence for MiniLuxe in New York
- MiniLuxe is a digital-first, socially-responsible lifestyle brand and talent empowerment platform for the nail and waxing industry
- Miniluxe Holding Corp. (MNLX) is down 4.26 per cent, trading at C$0.45 per share at 12:25 pm ET
MiniLuxe Holding’s (MNLX) wholly-owned subsidiary MiniLuxe Inc has signed a definitive agreement to acquire Paintbox.
Paintbox is a leading brand in the nail care industry and is based in New York. It was founded in 2014 by beauty editor and trend expert, Eleanor Langston.
The Paintbox brand has garnered some 300,000 social followers. Its proprietary line of non-toxic polishes and manicure kits has led to collaborations with several prestige brands. It includes brands such as Carolina Herrera, Veronica Beard, and Ulla Johnson.
Paintbox also provides advanced digital and in-person training for their nail designers, which MiniLuxe plans to integrate immediately into its certification programs and Nail Academy.
MiniLuxe’s core strategy is to become the talent empowerment platform for ethical, clean, and trend-forward nail care. MiniLuxe hopes to include the Paintbox standard and look of nail art as part of its talent certification program.
Paintbox establishes an immediate presence for MiniLuxe in New York. MiniLuxe plans to maintain the Paintbox brand, given its equity and complementary value to the company.
Following the transaction’s consummation, Paintbox will continue to develop its curated design collections and proprietary products in-stores and online. Eleanor Langston will serve as the Brand Steward for Paintbox and the Editor-at-Large for MiniLuxe’s content initiatives.
The consideration for the Paintbox acquisition by MiniLuxe consists of an initial upfront consideration of 1,744,298 subordinate voting shares in MiniLuxe Holding Corp. at a price per share of USD$1.031. Additional earnout consideration is subject to revenue milestones, at the company’s election of either cash or stock.
Fundamental principals of Paintbox have also voluntarily committed to becoming purchasers of MiniLuxe stock. This is to demonstrate their belief in the deal’s long-term value creation potential and MiniLuxe’s overall growth strategy. Completion of the transaction remains subject to the approval of the TSX Venture Exchange.
MiniLuxe is a digital-first, socially-responsible lifestyle brand and talent empowerment platform for the nail and waxing industry. The company has been setting industry standards for health, hygiene, and fair labour practices for over a decade to transform the most used but highly under-regulated nail care industry.
MiniLuxe seeks to become one of the largest educators and employers of Asian-American, Asian-Canadian, and other diverse members who are part of one of the largest independent workforces of women.
Miniluxe Holding Corp. (MNLX) is down 4.26 per cent, trading at C$0.45 per share at 12:25 pm ET.
