Nexxus Executive Buys 5% of St. Ives Stock

A vice president with a Santa Barbara maker of shampoo and other hair-care products has acquired a 5.3% stake in St. Ives Laboratories Corp., a Chatsworth hair- and skin-care company.

In a Securities and Exchange Commission filing, Stephen Redding, a vice president with Nexxus Products Co., said he bought 372,000 shares of St. Ives common stock for $3.1 million. Redding, who could not be reached for comment, said in the SEC filings that he bought the shares as an investment and plans to buy up to 600,000 shares.

More than half of St. Ives’ stock is controlled by founders Gary H. Worth and Robert Van Dine. According to a proxy statement dated April 11, Worth, who is chairman, owns 35.5%, while Van Dine, who is vice chairman, owns 17.8%.

Jack Boyle, St. Ives chief financial officer, said St. Ives has made some products for Nexxus and added that the companies have a good relationship.