Azurel IPO will help finance Private Label, Scents Overnight acquisitions.
This article was originally published in The Rose Sheet
Executive Summary
AZUREL IPO WILL HELP FINANCE PRIVATE LABEL GROUP ACQUISITION: start-up company Azurel purchased the four subsidiaries that make up the Pri-vate Label Group for approximately $2.8 mil. on Aug. 22, according to Azurel's Oct. 30 preliminary prospectus for an initial public offering. Manhattan-based Azurel paid $131,250 in cash at the close of the Private Label deal, with delivery of a $1.8 mil. promissory note. The remaining $892,500 will be paid after the IPO closes in the form of common stock valued at the public offering price, the prospectus states.