L Catterton Acquires Majority Stake in Stenders

Global consumer-focused investment firm L Catterton has acquired a majority stake in Stenders, a premium bath and body care company founded in Latvia in 2001 that now has a presence in 20 countries across the world.

The transaction positions Stenders to accelerate its international expansion across Asia, Europe, the Middle East and the US, on the back of secular tailwinds in the sector, officials said.

“This partnership will unlock the next stage of growth for us. L Catterton has a proven track record of creating value for its portfolio companies and we are keen to tap into its insights, operating know-how, and network as we continue to expand across various geographies,” said Stenders CEO Kristine Grapmane. “Our focus will be on enlarging our presence, further enhancing the productivity of our stores, augmenting our e-commerce business, optimizing our manufacturing efficiency, and attracting talent.”

According to the company, consumer trends such as a heightening focus on holistic wellbeing, increasingly sophisticated bath and body care rituals and rising preferences for products made from natural ingredients have been propelling a shift towards premium offerings. The shift, officials said, has been galvanizing growth for Stenders given the brand’s standing as a bath ritual expert steeped in Latvia’s unique bath culture, which dates back centuries as a practice to not only wash the body, but relax and cleanse the mind.

Drawing from its Latvian heritage, Stenders crafts high-quality products inspired by the natural environment in northern Europe and celebrates ‘me time’. It currently has a portfolio of over 400 products which are meticulously developed with a focus on safety, sustainability, and functionality; made in Latvia using natural ingredients; and packaged using fully recyclable materials. Their aroma, texture, efficacy, provenance and manufacturing location have therefore been lauded by customers across markets.

Rising Revenue

Underpinned by its broadening customer base, Stenders’ revenue has risen by around 20% annually over the past four years. Sales are generated through its omnichannel presence spanning more than 300 stores across the world, major e-commerce platforms, and its website. Significantly, it has been able to clock robust same-store-sales growth and maintain healthy unit economics amid its expansion as the brand enjoys high conversion and repurchase rates.

L Catterton has experience building brands in the beauty and personal care space across
the world. Current and past investments in the sector include Ci Flavors, Elemis, Etvos, Function of Beauty, The Honest Company, Maria Nila, Marubi, MERIT, Nutrafol, Oddity (the parent company of Il Makiage), Sugar Cosmetics, Tula and others.