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Key Personnel

•  David Paresky, director

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Acquisitions & Divestitures

Salt & Stone (acquired), Olapex (sold).

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Advent is a global private equity investor with 16 offices across five continents. It has made more than 440 investments across 44 countries. Its beauty and personal care revenues are estimated to be north of $1.3 billion.

In March, it acquired a majority stake in Salt & Stone, the Los Angeles-based, high-performance body care brand founded in 2017 by former professional snowboarder Nima Jalali. Salt & Stone recorded revenues of more than $165 million in 2025, according to industry estimates.

Jalali retained equity in his start-up and is also remaining involved with the brand. Chris Elshaw will become chair of the the brand, according to Advent.

The Salt & Stone deal came just two days before Olaplex—which Advent has backed since 2019—was sold to Henkel in a $1.4 billion deal.

New Products: Lola from Rio (acquisition).

Comments: Advent International, a private equity group, plays in five markets: business and financial services, consumer, healthcare, industrial and technology. Founded in 1984, Advent has 16 offices on five continents, oversees more than $91 billion in assets under management and has made 430 investments in 44 countries. The company ranks within the top 10 PE firms in the world, according to Private Equity International.

After less than a year on the job, in February, Orveon CEO Neela Montgomery left the company.

In June, Skala and Lola From Rio, combined to create one of the largest beauty groups in Brazil. Together, they have about $360 million in annual sales and can be found in 54% of Brazilian households and more than 80 countries.

According to Advent, Skala and Lola have highly complementary portfolios, yet there are similarities. Both promote conscious beauty and offer 100% vegan products. Together, they have more than seven million social media followers. Both brands will continue to operate independently from their headquarters in Rio de Janeiro, Uberaba and São Paulo. But they will begin to share manufacturing infrastructure, distribution networks and innovation investments.

Skala’s product portfolio delivers quality at an affordable price. It is the No. 1 brand in liters sold of hair care products in Brazil (with over 18% market share) and the market leader in hair treatment creams, present in 76% of the country’s points of sale. The company has grown at a rate of 30% a year over the past eight years, according to Advent. This expansion is also evident abroad—international sales now account for more than 20% of total revenue, with notable growth in the US.

Lola From Rio is known for being innovative, humorous and full of attitude. Founded in 2011, it was one of Brazil’s first vegan beauty brands and a pioneer of other trends in the segment. Lola has grown its revenue more than sixfold over the past six years, securing a strong presence in e-commerce, department stores, pharmacies and beauty retailers. Lola operates across all beauty categories.