San Francisco-based middle market private equity firm Gryphon Investors will acquire a majority stake in Milani Cosmetics, a leading family-owned “masstige” beauty company that encompasses two distinct brands, Milani and Jordana. Current owners Ralph Bijou and Laurie Minc will hold significant minority stakes alongside Gryphon. The transaction, which is expected to close next month, is subject to customary closing conditions. Terms of the deal were not disclosed at press time.   Milani, headqu...