FORT WORTH, Texas — Putting the industry buzz to rest, TPG Growth, the equity investment platform of TPG, announced that it has acquired a majority stake in e.l.f. Cosmetics from company founders and equity investor TSG Consumer Partners.
Existing management will continue to have an investment in and an ongoing role with the company. Terms of the transaction were not disclosed.
"Through its differentiated approach, e.l.f.’s offering has resonated among a key segment of the cosmetics market,” stated 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,” added Joey 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. We are very excited to build upon our strong foundation and deliver even more value to our consumers and retail partners.”