TPG Growth has acquired a majority stake in e.l.f. Cosmetics, one of the fastest growing cosmetics brands in the US, from company founders and equity investor TSG Consumer Partners LLC. Existing management will continue to have a meaningful investment in and an ongoing role with the company. Terms of the transaction were not disclosed.
Founded in 2004, e.l.f. began primarily as an online retailer giving it a unique digital presence and establishing it as an online beauty authority. The firm’s digital success influenced several large retailers to adopt the brand and the company now has permanent in-line displays and seasonal placement in many major mass retailers.
“Through its differentiated approach, e.l.f.’s offering has resonated among a key segment of the cosmetics market,” said John Bailey, principal at TPG Growth. “We believe that many opportunities lie ahead, and are happy to partner with e.l.f. to build the company and accelerate its already impressive growth trajectory.”
“Our team is proud of what we have built and are extremely excited to have a value-added partner like TPG Growth to help us scale the business,” said Joey Shamah, co-founder of e.l.f. Cosmetics.