US-based growth equity major TPG Growth has announced that it has acquired a large stake in e.l.f Cosmetics, a noted American cosmetic brand.
Although the transaction details were not ascertained by the company, it has, however, said that the management of the existing e.l.f Cosmetics will remain in place.
Sources close to the industry have said that TPG Growth might recruit aggressively for e.l.f Cosmetics.
In a joint note released to the press, TPG Growth principal John Balley said: "Through its differentiated approach, e.l.f.’s offering has resonated among a key segment of the cosmetics market. 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."
Meanwhile, e.l.f Cosmetics co-founder, Joey Shamah said: "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. 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."
