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The Carlyle Group has announced that it has acquired a majority stake in Beautycounter in a transaction that values the company at $1bn (£725m).
The partnership will allow Beautycounter to accelerate its strategic initiatives, including increasing brand awareness as well as bolstering the company’s omni-channel business model.
Gregg Renfrew, founder and CEO, Beautycounter, said: “I have long admired Jay and the team at Carlyle for their experience working with brands at the intersection of cultural relevance and consumer demand.
“I believe that our combined vision will be instrumental in accelerating Beautycounter as the leader in clean beauty, and in the beauty industry as a whole.”
The investment in Beautycounter builds on Carlyle’s long-term focus on partnering with founder-led brands focused on growth.
Jay Sammons, head of global consumer, media and retail, The Carlyle Group, added: “We are so excited to partner with Gregg and her outstanding executive team to support Beautycounter’s movement to bring safer products to consumers.
“Beautycounter is a pioneer and leader in the fast-growing clean beauty industry, and we see an opportunity to support a talented, founder-led team in amplifying the brand’s mission to change beauty forever.”
Evercore acted as lead financial advisor, and Goldman Sachs acted as financial advisor to Beautycounter, and Latham & Watkins served as legal counsel. Kirkland & Ellis acted as legal counsel to Carlyle.
