For more information on the new partnership between Harren Equity Group and Marianna Industries please read the following:
MARIANNA INDUSTRIES ANNOUNCES PARTNERSHIP WITH HARREN EQUITY PARTNERS
OMAHA, Nebraska, July 2, 2010 – Marianna Industries and Harren Equity Partners are pleased to announce a new, exciting partnership. Harren, along with the founding Cosentino family, and Marianna’s management team, will jointly work together, to continue Marianna’s growth in the beauty care industry and serve its loyal customers.
Michael Cosentino, Sr., Chairman Emeritus and a son of company founder and industry icon Salvatore (Rudy) Cosentino reflected, “Dad would definitely have been proud today. He started this company from humble beginnings and named it after our Mom, Marianne.” Second, third and fourth generation family members are still an integral part of the company. “That is why it was so important to partner with a group like Harren, who recognizes the uniqueness of our culture and will not disrupt that. Doing whatever it takes to satisfy our customers has defined this company from the beginning and Harren totally gets that.”
Marianna invested in a lengthy search for just the right partner. “We were looking for one with the capital resources and experience to help Marianna grow to the next level, in terms of customer service, world-class manufacturing and distribution capabilities.” says Bill Cosentino, President/CEO and also a son of the founder. “Mike and I interviewed quite a few firms with the cash-flow and the experience, but our management team really felt comfortable with the guys from Harren.”
George M. Urban, the Principal from Harren who led this investment, noted, “All of us at Harren are excited to work with the outstanding team at Marianna and are honored to be welcomed into the legacy of working with four generations of the Cosentino family. We believe strongly in the business and its current direction and no changes other than investments in additional equipment will be made. We look forward to working with Marianna’s management team to make operations even more efficient, in order to better serve our customers.”
Bill Cosentino as President will continue to lead the day-to-day operations of Marianna. Harren will provide growth capital and strategic guidance. There will be no changes to the current management team. While Harren provides the backing of institutional capital, Mike and Bill Cosentino remain the largest individual shareholders.
Marianna Industries is a leading developer, manufacturer, importer, marketer and distributor of products in the beauty care industry. Marianna is a leading supplier dedicated to the beauty care industry and the largest manufacturer to provide a comprehensive offering of both consumable wet goods and sundries.
Founded in 1968, the company is headquartered in Omaha, Nebraska and boasts a roster of blue-chip customers that includes: leading salon groups, national and international professional beauty suppliers and distributors, cosmetology schools and world-class consumer products companies.
Harren Equity Partners is a Charlottesville, Virginia based private investment firm dedicated to the growth and development of industry-leading companies through the creation of strong partnerships with outstanding management teams. Harren’s unique approach focuses on operational excellence and insightful strategic analysis, rather than financial engineering.