Physicians Formula Holdings has bought all outstanding securities of cosmetics company Markwins International for $75 million.
Markwins originally agreed the deal earlier this year , and has now announced the transaction has gone through.
The acquisition of Physicians Formula represents a major step towards Markwins' strategy to add an up-market brand in the "masstige" cosmetics space to its existing portfolio. It is Markwins' second acquisition following its acquisition of AM Cosmetics in 2003.
Ingrid Jackel, chairwoman and CEO of Physicians Formula, will become an executive of Markwins and will, along with the rest of her management team, continue overseeing Physicians Formula under Markwins' ownership.