Just as foreclosures account for a record share of the real estate market, foreclosed companies are also one of the few areas of activity in the private equity space.
Sun Capital Partners took Stila Cosmetics private back in 2006, but defaulted on loans from Wachovia and CIT Group (NYSE: CIT) -- leading those lenders to foreclose on the company.
Now Stila has been sold to New York private equity firm Patriarch Partners for an undisclosed sum sure to be considerably lower than what Sun Capital paid when it bought the brand from Estee Lauder (NYSE: EL), which originally purchased the company from founder Jeanine Lobell back in 1999.
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