TPG Growth Acquires e.l.f. Cosmetics
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TPG Growth Acquires e.l.f. Cosmetics

elf nfTPG Growth has acquired a majority stake in e.l.f. Cosmetics from the company’s founders and TSG Consumer Partners. Existing management will continue to have a meaningful investment in and an ongoing role with the company.

Eyes Lips Face, also known as e.l.f. Cosmetics, is an international cosmetics brand that was founded by Joseph Shamah and Scott Vincent Borba in 2004. The company sells products largely at $1, $3, and $5 price points. Products include bath and skin-care products, mineral-based makeup, professional tools, eyeliners, lipstick, glosses, blushes, bronzers, brushes, and mascara, among others. e.l.f. Cosmetics is based in New York (www.eyeslipsface.com).

“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.”

TPG Growth is the middle market and growth equity investment platform of TPG. With $3.6 billion under management, TPG Growth targets investments in a range of industries and geographies, utilizing leveraged buyout, growth equity, and private investment in public equity structures. The firm has offices in San Francisco, Ft. Worth, New York, Hong Kong, Beijing, Singapore and Mumbai (www.tpggrowth.com).

“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 Joseph Shamah, co-founder of e.l.f. Cosmetics. “Their track record in building consumer businesses, international distribution relationships, e-commerce capabilities, global operational resources and access to incremental talent make them an ideally suited partner for our company.”

TSG Consumer Partners makes control and non-control investments of $15 million to $100 million in companies with EBITDAs of $3 million to $50 million where there is an opportunity to enhance value by extending brand, expanding distribution and/or improving operations. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, beauty, personal care, household and apparel & accessories sectors. The firm has $2.9 billion in equity capital under management and is headquartered in San Francisco (www.tsgconsumer.com).

“The growth of e.l.f. Cosmetics has been phenomenal, and TSG is fortunate to have been partnered with such an exciting company,” said Jennifer Baxter Moser, Managing Director at TSG Consumer Partners. “We look forward to watching the brand continue to grow and develop in the future.”

Financo (www.financo.com) served as exclusive financial advisor to e.l.f. Cosmetics and TSG Consumer Partners.

© 2014 PEPD • Private Equity’s Leading News Magazine • 2-3-14

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