Carlyle Group Acquires Personal Care Brand

Global private equity firm The Carlyle Group announced that it has signed a definitive agreement to acquire philosophy, inc. from a group of owners, including current chief executive officer and founder, Cristina Carlino. Carlino will remain a significant equity owner in the company and become executive chairman.  philosophy develops, manufactures and markets prestige personal care products sold primarily in the U.S. The transaction is expected to close in the first quarter of 2007.  Financial terms were not disclosed.