CCA Industries, Inc., announced Thursday that it has sold its Mega-T weight loss business to a group formed by Casla Partners Capital Fund I, LP.
The East Rutherford-based maker of health and beauty aids said in a news release that it sold the brand in order to focus on its other products, which include Bikini Zone, Nutra Nail Treatments, Plus White, Scar Zone and Sudden Change.
"The sale of the Mega-T brand represents an important step in strengthening our company's future performance by enabling us to focus resources behind our five core brands …,” Richard Kornhauser, CEO and president, said in a prepared statement. “This transaction also relieves the company of a significant financial liability and allows the company to better support its brand advertising program to deliver new sales and profits."
The purchasing group receives all inventory, trademarks and intellectual property rights in exchange for assuming pre-closing liabilities for returns, markdowns and advertising deductions up to a cap of $2.25 million, CCA said.
ALSO ON NJBIZ:
Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.View Comment Policy