TerraVia has completed the sale of a majority interest in Algenist skincare brand to Tengram Capital Partners (Tengram), a private equity firm.
Following the sale, TerraVia received $20.2m in cash and approximately 20% of the completely diluted equity of Algenist.
Under the deal, Tengram also agreed to contribute significant capital to Algenist.
TerraVia use proceeds from the deal to further its strategy of commercialising its food, nutrition and specialty ingredients portfolio.
Under the agreement, Tengram and TerraVia have also formed a partnership to identify additional opportunities to utilise algae-based ingredients across the beauty industry.
TerraVia launched Algenist beauty brand in 2011.
It offers anti-ageing and colour correcting products based on a range of TerraVia’s algae-based ingredients, including alguronic acid and microalgae oil.
Its products are sold across 23 countries and at major retail outlets such as Sephora, ULTA and QVC.
