Brazilian cosmetics maker Natura BMFBOVESPA:NATU3 said on Monday that U.S. private equity firm Advent has signed a binding agreement to buy a stake in the company, while also announcing a board reshuffle that includes the departure of its founders.
Advent International will buy between 8% and 10% of Natura for an average price target of 9.75 reais ($1.86) per share, Natura said in a securities filing.
The deal will be carried out in the secondary market over a six-month period.
Advent will be entitled to appoint two members to Natura's board of directors.
BOARD SHAKE-UP
Natura also announced changes to its board of directors, with founders Luiz Seabra, Guilherme Leal and Pedro Passos stepping down.
Chairman and former Chief Executive Fabio Barbosa will also leave his seat.
Natura has proposed to shareholders that the four form a new advisory board, with no decision-making powers.
Under the proposal, Alessandro Carlucci would become chairman.
($1 = 5.2520 reais)