Urban Decay has a new owner. Private equity firm Castanea Partners, owner of Betsey Johnson, just purchased controlling interest in Urban Decay Cosmetics for an undisclosed amount. Castanea Partners is acquiring Urban Decay from duty free operator the Falic Group, which bought Newport Beach, CA-based Urban Decay from LVMH Moët Hennessy Louis Vuitton in 2002. Industry sources put Urban Decay’s sales at $100 million.
“We’ve been on the lookout for an appropriate opportunity in the beauty space, particularly in the prestige segment,” said Robert Smith, co-managing partner of Newton, MA-based Castanea Partners.