Forma Brands, the parent company of Morphe and until recently Ariana Grande’s R.E.M Beauty, has been acquired by a group of lenders. To lead the transition, Cliff Moskowitz was named Forma Brands’ chief executive officer, the company announced. Moskowitz was the former CEO of the athletic apparel brand Outdoor Voices.

“We see compelling opportunities to drive growth in the business, including new products, geographies and channel and distribution partners – all of which we are going to pursue,” Moskowitz said in a statement.

Forma Brands filed for Chapter 11 bankruptcy in January. The beauty incubator secured an agreement with Jefferies Finance LLC and Cerberus Capital Management LP to the value of $690 million in debt relief, according to court filings. The company’s new owners also include FB Intermediate Holdings and &vest, a consumer brand investment platform, where Moskowitz is an operating partner.

“With new capital and the support of our investor group, we are moving forward with the resources necessary to support the execution of our new long-term growth strategy focused on our global wholesale and e-commerce operations,” Simon Cowell, president of Forma Brands said in a statement.

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Bankrupt Morphe Owner Acquired by Lenders for $690 Million

Forma Brands, the bankrupt owner of the Morphe makeup brand, reached an agreement with lenders Jefferies Finance LLC and Cerberus Capital Management to be acquired in exchange for $690 million in debt relief, according to a court filing.