MAV Beauty Brands Inc.'s restructuring proceedings

Goodmans LLP acts for Alvarez & Marsal Canada Inc. in respect of MAV Beauty Brands Inc., a publicly traded global hair care and personal care company focused on managing a diversified portfolio of independent brands, in connection with the company’s restructuring proceedings.

On November 14, 2023, the MAV Group sought and obtained an Initial Order under the Companies’ Creditors Arrangement Act appointing A&M as monitor of the company and granting creditor protection to the company in order to facilitate a restructuring through a going-concern sale of substantially all of the assets of the company. In connection with the CCAA proceedings, the company entered into an asset purchase agreement with an affiliate of Nexus Capital Management LP, a Los Angeles-based private equity firm, pursuant to which Nexus agreed to acquire substantially all of the assets and business of the company. On November 24, 2023, the MAV Group obtained court approval of the transaction.

Concurrently with the commencement of the CCAA proceedings, the company obtained an aggregate of US$3.9 million in debtor-in-possession financing from certain of the company’s existing senior secured lenders to provide working capital for the company’s operations and to fund the CCAA proceedings and the implementation of the transaction. 

Goodmans continues to act as counsel to the Monitor while the monitor assists the company with post-closing matters and the winding up of the CCAA proceedings.