Newport Beach-based Urban Decay Cosmetics LLC, a maker of edgy cosmetics, has been acquired by a private equity firm. Newton, Mass.-based Castanea Partners acquired Urban Decay from former parent Falic Group, a Miami-based operator of duty-free stores.
Urban Decay was started in 1996 by Wende Zomnir, Urban Decay’s executive creative director, who got her start mixing nail polish from her Laguna Beach cottage with the help of a neighbor. She got an early boost from Sandy Lerner, cofounder of Cisco Systems Inc., who backed the company because she had trouble finding makeup that fit her alternative tastes.
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