Once owned by Estee Lauder, it is being bought from current owners Watchovia Corp and CIT Group for an undisclosed sum, according to a report in the Wall Street Journal.
In December 2008, the company appointed Deanna Kangas to the position of CEO, as part of moves to take the company to through its next stage of development.
The move followed a patchy performance from the company, which has achieved cult status from a younger consumer base thanks to distinctive and innovative products, but has also had to battle with financial difficulties.
Estee Lauder sold the business in 2006
Estee Lauder sold off the Stila brand to Sun Capital in April 2006, stating at the time that it wanted to concentrate on the more profitable brands in its portfolio.
However, the acquisition by Sun Capital coincided with financial difficulties for the company, which led to it being taken over by Wachovia and CIT after the company defaulted on loan repayments.
It is hoped that Patriach will open up new credit lines for the company, giving rise to new opportunities for it to expand its market reach, both in the domestic US market and internationally.
New CEO charged with growing Stila
Kangas was promoted from chief marketing office, with the aim of securing better growth opportunities for the company and increase its share of the market.
Stila was estabilished in 1994 and has been developed into a nationally-recognized color cosmeticsmake-up brand, being available in 500 retail outlets throughout North America, as well as 21 international markets.
The company specializes in color cosmetic ranges that are aimed at the younger and high fashion categories, and is noted for products such as its lip glaze pencils, hydrating finishing powder and its convertible color for cheeks and lips.