Lime Crime, one of the first digitally-native beauty brands, has been acquired by Tengram Capital Partners.
Lime Crime is known for its vibrant, cruelty-free and vegan products which include eyeshadows, lipsticks, blushes and powders, and hair colors. The company sells its products online and through leading retailers including Bloomingdales, Riley Rose and Ulta.com. Lime Crime was founded by Doe Deere (real name Xenia Vorotova) and Mark Dumbelton in 2008 and is headquartered in Los Angeles (www.limecrime.com).
With the acquisition of Lime Crime closed, Stacy Panagakis, formerly the General Manager of beauty brand Fresh, has been named as the company’s new Chief Executive Officer. Sasha Valentine, Lime Crime’s Chief Creative Officer, will continue in her current position. Doe Deere, Lime Crime’s co-founder, has transitioned out of day-to-day operations and has joined the company’s board of directors.
“I’m delighted to be joining the company at this pivotal moment,” said Ms. Panagakis. “Lime Crime is a millennial brand with a message that resonates with women everywhere – ‘it’s OK to be bold, experiment and have fun!’ The partnership with Tengram is an important next step in the brand’s evolution, bringing deep industry expertise and greater opportunities to offer unicorns and women everywhere the Lime Crime magical universe. As we expand the brand’s footprint and offerings, Lime Crime will continue to be a brand that stands apart, fulfilling its mission to revolutionize makeup, empower women and smash traditional boundaries.”
Tengram’s goal is to triple the size of the brand over the next five years through new product development and expansion into new categories. In 2017 Lime Crime had revenues of approximately $30 million.
“Lime Crime is truly unique among beauty brands, with a powerful following and a deep understanding of its consumers and their expressive approach to cosmetics,” said Richard Gersten, Partner at Tengram. “We have tremendous appreciation for what Doe, Sasha Valentine and the team have built over the past ten years: a revolutionary brand that empowers consumers to express themselves and inspires them to push past the traditional limits of beauty. In an era of beauty brand proliferation, Lime Crime’s authenticity and innovation stands above the rest. Lime Crime is a tremendous fit in our strong portfolio of beauty brands, and we look forward to leveraging our experience to help the Lime Crime team achieve its growth prospects.”
Tengram invests in companies in the branded consumer products and retail sectors. Specific areas of interest include apparel, sporting goods, consumer electronics, home furnishings, health & beauty, spirits, and food & beverages. Tengram’s current beauty portfolio includes ReVive, Algenist, specialty beauty retailer Cos Bar, and natural beauty brand This Works. The firm was founded in 2010 and has offices in Westport, CT and New York City (www.tengramcapital.com).
© 2018 Private Equity Professional | June 19, 2018