Peter Harf Ups Coty Stake
Peter Harf has upped his stake in Coty Inc.
According to a filling with the U.S. Securities and Exchange Commission, Harf bought $150 million of Coty stock from KKR, the private equity firm that had taken a stake in the business in connection with a deal for the professional division. The purchase increases Harf’s stake in Coty to about 4.6 percent, the filing said.
Harf is also the chairman of Coty majority owner JAB, which owns about 60 percent of the business.
Coty’s stock price jumped almost 9 percent Monday on the news, to $5.22.
Coty has been going through a multi-year turnaround process since the business bought the specialty beauty portfolio of Procter & Gamble. Earlier this year, Coty reached a deal with KKR to a majority stake in some of those brands — Wella, OPI and Clairol — to KKR. That transaction is expected to close by Nov. 30.
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