Beauty remains a key area of interest for private equity firms globally. This post will highlight some of the most acquisitive PE firms in beauty worldwide, with a focus on control investments and buyouts rather than minority investments and growth capital. While there is significant overlap between different segments within the beauty industry, this post excludes skincare, which we covered in a previous analysis. We will also exclude beauty services and products that would be better classified as health or wellness, which will be the subject of a future post. This analysis will encompass the rest of the broad beauty products industry, including cosmetics, hair care, fragrances, and other beauty-related personal care products. Acquirers of various structures and sizes are profiled and categorised from largest to smallest within each section. We have also profiled selected strategic buyers in beauty at the end of the analysis.

*North Castle Partners’ acquisition of NEST New York valued the fragrance company at $200 Million*

Consumer Products-Focused Private Equity Firms

These private equity firms are focused on consumer goods, ranging from relatively small firms to large firms like L Catterton with over $30 billion AUM. This group includes both traditional private equity funds and specialised investment firms. Some firms maintain a broad focus on consumer goods, while others concentrate more narrowly on beauty and personal care. Although this post excludes skin care acquisitions, some of the largest acquirers in this category are also the top consumer focused PE firms within skin care, a testament to their high activity across the beauty landscape.

L Catterton

L Catterton is the largest consumer-focused private equity firm in the world with approximately $34 billion in assets under management, investing exclusively in consumer brands across Europe, Asia, Latin America, and China. The firm generally makes equity investments of $10 million to $150 million across its different funds, with its flagship Buyout fund targeting $75 million to $500 million equity investments in North America and Europe. Its portfolio includes multiple hair care, beauty, cosmetics, and skincare brands. In 2023, L Catterton established Elevate Beauty, a platform dedicated to investing in early-stage beauty and wellness brands, driven by strong consumer demand in the aesthetics category.

Relevant Beauty Acquisitions:

Stripes - June 2024: Stripes is a beauty brand focused on providing beauty products while raising awareness about menopause. L Catterton acquired Stripes from Sakana, an investment vehicle founded by the founder of Stripes, Naomi Watts, in June 2024. Sakana was established to acquire Stripes from Amyris in 2023 for $500 million after Amyris filed for bankruptcy.
Kiko Milano - April 2024: An Italian professional cosmetics brand known for its cutting-edge makeup, face, and body products.

Beauty Industry Group - August 2021: A leader in professionally-installed and DIY hair extension products. Beauty Industry Group is actively pursuing a hair extension roll-up strategy. Most recently, in 2022, the group acquired Bellami Hair, a luxury hair extension and hair care product brand.

L Catterton also holds minority investments in several beauty brands, including Function of Beauty (customisable hair, skin, and body care products), The Honest Company (eco-friendly personal care and household products), and SUGAR Cosmetics (a leading Indian omnichannel beauty brand). The firm has made historical minority investments in brands such as Cover FX (dermatology-inspired cosmetics), CLIO Professional (Korean cosmetics), Intercos Group (cosmetic manufacturer), Il Makiage (tech-driven beauty brand), Frederic Fekkai (hair care), and Nutrafol (hair wellness brand).

TSG Consumer Partners

Founded in 1987 and headquartered in San Francisco, California, TSG Consumer Partners is a private equity firm specialising in the branded consumer sector. With approximately $20 billion in assets under management, TSG focuses on high-growth consumer companies across various categories, including food and beverages, e-commerce, personal care, beauty, household, apparel, and accessories. The firm typically makes equity investments ranging from $200 million to $800 million.

Relevant Beauty Acquisitions:

Radiance Holdings - December 2022: Radiance Holdings includes brands such as Sola Salons, the world's largest salon studios franchise with approximately 650 locations in the U.S. and Canada; Woodhouse Spas, the largest premium day spa brand in the U.S. with around 80 locations; and BeautyHive, an online distributor of professional beauty products.
Hempz - April 2020: Specialises in hair care and bodycare products made from natural hemp seed oil, offering a range of lotions, shampoos, and conditioners.
Alterna - January 2013 (Sold in 2014 to Henkel): Known for its luxury hair care products, including the Caviar and Bamboo collections, which focus on anti-aging and eco-certified ingredients.
Kenra - February 2011 (Sold in 2014 to Henkel): Offers a range of professional hair care products, including shampoos, conditioners, and styling products, known for their high performance and salon-quality results.
Sexy Hair - May 2011 (Sold in 2014 to Henkel): Offers professional hair care products, including the Big Sexy Hair line, which features volumising and styling products popular in salons and among consumers for creating bold, voluminous styles.
Pureology - January 2004 (Sold in 2007 to L’Oreal): A professional hair care brand known for its sulfate-free formulas and high-performance color care products designed to preserve and enhance hair color.
Cutex - December 1998: A well-known brand in nail care, famous for its nail polish removers and nail treatments, recognised for its reliability and effectiveness.

Minority Investments: TSG has also made minority investments in various brands, including D.S. & Durga (a niche fragrance brand), e.l.f. Cosmetics (affordable, high-quality cosmetics), IT Cosmetics (innovative skincare and makeup products), Zoeva (high-quality makeup products and brushes), and Revolve (an online retailer offering fashion and beauty products).

Yellow Wood Partners

Yellow Wood Partners is a private equity firm based in Boston, Massachusetts, with $2.1 billion in assets under management. The firm invests exclusively in consumer brands, focusing on beauty and personal care sectors. Yellow Wood Partners aims to make equity investments ranging from $15 million to $350 million and is size-agnostic for add-on acquisitions. Yellow Wood is actively seeking add-on acquisitions in the beauty and personal care sectors to enhance its portfolio and drive growth.

Relevant Beauty Acquisitions:

Elida Beauty - June 2024: Yellow Wood Partners acquired Elida Beauty from Unilever, which includes brands such as Q-tips (cotton swabs), Caress (body wash), Ponds (skincare), St. Ives (skincare), TIGI (haircare), Timotei (haircare), Monsavon (soap), and Brut (fragrance).
ChapStick - June 2024: Acquired from Haleon, ChapStick is a leading lip care brand known for its iconic lip balm products.
Suave - May 2023: Yellow Wood Partners acquired Suave’s North American beauty and personal care brands from Unilever. Suave offers a wide range of affordable hair care, body care, and skincare products.
Isle of Paradise, Tanologist, and Tan-Luxe - 2020: These brands offer innovative self-tanning products that provide natural-looking tans with clean ingredients.
Paris Presents - August 2018: Yellow Wood Partners acquired Paris Presents, the owner of brands such as Real Techniques and EcoTools, from EagleTree Capital. Paris Presents creates and distributes beauty products and personal care accessories to mass merchants, drug stores, specialty beauty stores, and online retailers.
- Real Techniques: Known for its makeup brushes and sponges, Real Techniques caters to beauty enthusiasts and professionals, offering tools for makeup application.
- EcoTools: Specialises in eco-friendly beauty tools, offering sustainable makeup brushes and accessories.

Mayfair Equity Partners

Mayfair Equity Partners, founded in 2014, is a London-based private equity firm focusing on buyout investments in technology and consumer-related industries across the United Kingdom and internationally. With over £2 billion in assets under management, the firm typically targets investments ranging from £50 million to £500 million.

Relevant Beauty Acquisitions:

Tangle Teezer - July 2021: Mayfair Equity Partners executed a management buyout of Tangle Teezer, a British hair care brand known for its innovative detangling, blow-drying, and styling hairbrushes featuring unique teeth technology. Tangle Teezer has established a strong global presence with sales in over 75 countries and generates more than 80% of its revenue outside the UK. The company has annual sales exceeding £40 million and employs over 60 people.

Bansk Group

Bansk Group is a private equity firm founded in 2019 and headquartered in New York. The firm focuses on investments in the beauty & personal care, consumer health, food & beverage, and household products sectors across the United States. The firm has over $2 billion in capital under management and typically targets equity investments ranging from $100 million to $400 million.

Relevant Beauty Acquisitions:

amika - May 2022: Bansk Group acquired a majority stake in amika, a premium hair care brand known for its professional-quality products and tools. The brand emphasises sustainability and inclusivity, offering cruelty-free and vegan formulations. amika products are designed to cater to a wide range of hair types and are available through professional salons and online platforms.
Eva NYC - May 2022: Bansk Group also acquired a majority stake in Eva NYC, a masstige hair care brand focused on sustainability. Eva NYC offers recyclable packaging and cruelty-free, vegan formulations. The brand is known for its effective, salon-quality products available at accessible price points, and is sold through major retailers such as Target, Ulta, and Sally Beauty.
Ethique - October 2020: Bansk Group acquired a majority stake in Ethique, a mission-driven brand offering waterless, plastic-free beauty and personal care products. Ethique is known for its sustainable and eco-friendly products, with a strong focus on reducing plastic waste and promoting environmental responsibility.

Windsong Global

Windsong Global is a private equity firm based in Westport, Connecticut. Founded in 2006, the firm focuses on branded middle-market businesses in the consumer sector. Windsong Global targets investments in primarily US companies with enterprise values between $10 million and $300 million. The firm specialises in sectors such as active lifestyle, beauty and wellness, fitness, and health. In 2011, Windsong Global's CEO, William Sweedler, co-founded Tengram Capital Partners. Windsong Global partnered with Tengram to leverage their combined expertise and resources in the consumer sector.

Relevant Beauty Acquisitions:

JVN Hair - February 2024: JVN Hair focuses on clean, silicone-free hair care products that are professional-grade and inclusive. The brand offers shampoos, conditioners, treatments, and stylers, and is available in seven countries.
Lilah B - (since closed): Lilah B was known for its minimalistic approach to beauty, offering clean, high-performance cosmetics. The brand emphasised simplicity and quality in its product line.

Monogram Capital Partners

Monogram Capital Partners, founded in 2014 and headquartered in Beverly Hills, California, focuses on buyout investments in consumer and retail companies. The partners have invested more than $1.5 billion of equity capital primarily in consumer and retail businesses. Monogram looks to invest up to $50+ million of equity capital in companies ranging from $5 million to $250+ million in revenue.

Relevant Beauty Acquisitions:

Tru Fragrance & Beauty - April 2024: Monogram Capital Partners acquired a majority stake in Tru Fragrance & Beauty, a company specialising in the fragrance and beauty sectors. Tru Fragrance & Beauty owns notable brands such as Le Monde Gourmand (luxury fragrances), Undone Beauty (multi-tasking cosmetics), and Lake & Skye (clean, sustainable fragrances and body care products).
Prime Matter Labs - January 2020: Monogram Capital Partners holds a majority stake in Prime Matter Labs, a contract manufacturer specialising in the development and production of beauty and personal care products.

Monogram has also made minority investments in Beach House Group (beauty brand incubator), D.S. & Durga (niche fragrance brand), Foundry Brands (men's skincare and grooming products), Live Tinted (multicultural beauty brand), and Violette_FR (French beauty brand).

North Castle Partners

North Castle Partners is a private equity firm based in Greenwich, Connecticut, founded in 1997. The firm focuses on investments in consumer-driven product and service businesses that benefit from healthy living and aging trends. North Castle Partners targets companies in sectors such as beauty and personal care, fitness, food and beverage, home and leisure, specialty nutrition, sports, sustainable living, wellness, and consumer-driven healthcare. The firm has raised multiple funds, including a $400 million fund closed in 2019, and has made 98 investments to date.

Relevant Beauty Acquisitions:

NEST New York - November 2022: North Castle Partners acquired a majority stake in NEST New York, a fast-growing fragrance & lifestyle brand known for its home fragrance, fine fragrance, personal care, and fragrance technology products. The acquisition valued the company at $200 million.
Mineral Fusion Natural Brands - January 2010: North Castle Partners acquired a majority stake in Mineral Fusion Natural Brands, a leading natural brand offering a collection of antioxidant-enhanced, mineral-rich cosmetics, hair care, body care, skin care, and nail care products. These products are available at over 4,000 stores, including Whole Foods and Ulta. North Castle Partners exited this investment in July 2017, selling it to BWX Limited.

North Castle Partners also purchased a minority stake in Palladio Beauty Group, a developer and marketer of botanical and vitamin-infused colour cosmetics, in April 2012.

Tengram Capital Partners

*Portfolio Companies of HRB Brands - acquired by Tengram*

Founded in 2008, Tengram Capital Partners is a private equity firm that focuses exclusively on middle-market consumer and retail companies that own strong recognisable brands. Tengram seeks to invest in the manufacturing, beauty, and consumer non-durables sectors in the United States. Its portfolio includes a number of beauty and personal care brands, including HRB Brands, which is one of the largest independent branded personal care companies in North America.

Relevant Beauty Acquisitions:

High Ridge Brands - Acquired in 2020: High Ridge Brands, now renamed HRB Brands, is one of the largest independent branded personal care companies in North America. The portfolio includes iconic brands such as Zest, Alberto VO5, Coast, White Rain, LA Looks, Zero Frizz, Rave, Salon Grafix, and Thicker Fuller Hair.
Lime Crime - June 2018: Lime Crime is a makeup brand recognised for its bold, vibrant colours and trendsetting products.
Cos Bar - December 2015: Cos Bar is a luxury beauty retailer providing high-end beauty products and personalised services.
Laura Geller Beauty - December 2012, sold to Glansaol in January 2017: Laura Geller is a baked makeup products brand.
DevaCurl - Exited in 2020: DevaCurl specialises in haircare products for curly hair.

West Lane Capital Partners

West Lane Capital Partners is a private equity firm based in Los Angeles, California. The firm focuses on control investments in lower middle-market companies and currently has 12 portfolio companies in sectors including beauty, consumer, food & beverage, manufacturing, and financial and business services. With over $250 million in invested capital, West Lane Capital Partners targets equity investments ranging from $20 million to $100 million.

Relevant Beauty Acquisitions:

Beauty Bakerie - July 2024: Beauty Bakerie, founded in 2011, offers long-lasting, smudge-proof makeup products.

Mented Cosmetics - April 2024: Mented Cosmetics, founded in 2017, is known for its inclusive beauty products, particularly nude lipsticks designed for women with diverse skin tones. The brand offers clean, vegan, and cruelty-free products and is sold at major retailers like Ulta, Target, CVS, and Walgreens.
SEVEN Haircare - April 2024: SEVEN Haircare is recognised for its luxury hair products that cater to various hair types and textures. The brand offers sulfate-free, paraben-free, and cruelty-free formulations, emphasising clean beauty. SEVEN Haircare products are available at professional salons and through its direct-to-consumer online platform, providing salon-quality hair care for a wide range of customers.
Simply Organic Beauty - August 2021: Simply Organic Beauty, founded in 2003 and based in Palm Harbor, Florida, provides natural and organic salon products. Simply Organic Beauty has a commitment to sustainable and non-toxic formulations, the brand offers a range of hair care, styling, and treatment products that are vegan, gluten-free, and cruelty-free.
Body Spa Group - December 2018: Headquartered in Las Vegas, Nevada, Body Spa Group provides rental spaces and support services to professionals in the health, wellness, and beauty industries. They offer booths, private rooms, and open workspaces for independent operators such as acupuncturists, microblading artists, eyelash technicians, massage therapists, skin treatment specialists, physical therapists, nail sculptors, and hairstylists

West Lane Capital also owns Blue Cross Nail Care and Blossom. Blue Cross Nail Care is known for its high-quality cuticle remover products. Blossom offers a range of beauty products, including nail care items infused with real flowers, appealing to both professional and consumer markets.

BlueGem Capital Partners

BlueGem Capital Partners is a private equity firm specializing in the European consumer brands sector. The firm seeks equity investments of €30m - €60m across various sectors, including Consumer Health, Home Care, Baby Care, Food & Beverage, Pet Care, Beauty & Personal Care, and Enthusiast Products.

Relevant Beauty Acquisitions:

Beautynova - 2020: Beautynova operates in the professional hair care sector and was formed through the acquisition of Panzeri Diffusion, including brands such as milk_shake, z.one concept, and Medavita. The company has over 18,000 formulas and exports to more than 70 countries.
Iconic London - July 2018: Iconic London is renowned for its trendy, high-quality colour cosmetics. BlueGem’s majority acquisition has helped the brand enhance its product offerings and market reach.

Manzanita Capital

Manzanita Capital, founded in 2001 and headquartered in London, is the single family office of the Fisher family, founders of Gap Inc. The firm invests exclusively in luxury and premium niche beauty companies across the United States, the United Kingdom, Europe, and Asia. Manzanita Capital seeks to invest in companies with strong brand equity, a loyal customer base, and unique product offerings.

Relevant Beauty Acquisitions:

D.S. & Durga - February 2024: Manzanita Capital acquired a majority stake in this Brooklyn-based niche fragrance brand.
Kevyn Aucoin - Acquired in 2015 (Sold to Chinese Beauty Retailer Harmay in 2021): The Kevyn Aucoin brand, named after the renowned makeup artist, offers a wide range of high-quality makeup products.
Byredo - Acquired in 2006 (Sold to Puig in 2022): Byredo, a luxury fragrance and lifestyle brand founded in Sweden by Ben Gorham, became renowned for its distinctive scents and minimalist design. Manzanita Capital’s investment supported the brand’s growth until its acquisition by Puig.
Diptyque - Acquired in 2005: Diptyque, a French luxury fragrance and home goods company, has expanded significantly under Manzanita Capital’s ownership, broadening its product line and increasing its brand recognition worldwide.
Space NK - Acquired in 2002: Space NK is a luxury beauty retailer with stores across the UK, US, and Canada. As of April 2024, the firm is in talks to sell Space NK.

Firelight Capital Partners

Firelight Capital Partners is a private equity firm based in Fort Lauderdale, Florida, founded in 2016. The firm focuses on consumer and retail brands, targeting lower-middle-market companies in North America. Firelight Capital Partners invests in sectors such as apparel, health & wellness, beauty & personal care, food & beverage, and footwear. Firelight look to make capital investments of $10 - $25 million.

Relevant Beauty Acquisitions:

Fromm International - 2024: Firelight Capital Partners made its first investment in the beauty industry by acquiring Fromm International from the Simon-Johnson family. Founded in 1907, Fromm International is renowned for its innovative beauty tools and accessories, serving both professionals and consumers. The company’s product lines include shears, salon apparel, hair accessories, brushes, combs, and more under brands such as Fromm Pro, The Hair Edit, and Diane.

MacArthur Beauty

MacArthur Beauty is a division of The MacArthur Companies, which was founded in 2010. The MacArthur Companies specialise in a wide range of investments, including real estate, technology, and consumer goods. MacArthur Beauty specialises in acquiring and revitalising beauty and personal care brands. The firm focuses on companies facing operational and financial challenges, aiming to stabilise and expand these brands.

Relevant Beauty Acquisitions:

Uoma Beauty - December 2023: MacArthur Beauty acquired Uoma Beauty, a brand known for its diverse beauty products and inclusive marketing. The acquisition aims to turn around the brand after facing operational and financial difficulties, including issues with customer orders and supplier payments. MacArthur Beauty plans to stabilise inventory, regain consumer and retailer trust, and expand into other categories such as hair care. The brand had sales of $15 million in 2022, and the investment focuses on revamping operations and reestablishing market presence

Stride Consumer Partners

Stride Consumer Partners is a private equity firm based in Boston, Massachusetts. The firm focuses on investing in high-growth consumer brands, specialising in sectors such as food & beverage, health & wellness, beauty, and active lifestyle brands. Stride looks to invest $10 to $150 million of equity in minority or majority transactions.

Although Stride targets both majority and minority investments in the beauty sector, the investments outlined are minority investments. We have included Stride in this post due to its significant presence in the beauty industry, with half of its current portfolio focused on beauty.

Relevant Beauty Investments:

Odele - November 2023: Stride made a minority investment in Odele, a premium, affordable and safe for everyone clean hair care brand.

Patrick Ta Beauty - October 2022: Stride made a minority investment in Patrick Ta Beauty, a luxury makeup brand founded by makeup artist Patrick Ta.

Skinfix - November 2021: Stride made a minority investment in Skinfix, a skincare brand dedicated to clean, clinically proven products that support overall skin barrier health.

Diversified Private Equity Firms

Below are some of the notable diversified investment firms who are active within beauty, as well as across a wide variety of other industries. This list ranges from some of the largest global private equity firms in the world, such as KKR with over half a trillion in assets under management (AUM), to relatively small local firms, such as Realza capital, with €300M AUM.

Kohlberg Kravis Roberts

*Portfolio companies of Vini Cosmetics - acquired by KKR*

Kohlberg Kravis Roberts (KKR) is a global investment firm founded in 1976, based in New York City. With $553 billion in assets under management, KKR focuses on a wide array of investment strategies, including private equity, energy, infrastructure, real estate, and credit. The firm is known for its extensive experience and significant influence in private equity, often targeting companies with growth potential or those needing financial restructuring.

Relevant Beauty Acquisitions:

Vini Cosmetics - 2021: KKR purchased a majority stake in Vini Cosmetics, an Indian company that manufactures and distributes branded deodorants, cosmetics, and toiletries.
Wella Company - 2020: KKR acquired a 60% stake in Coty’s Professional Beauty and Retail Hair Businesses, forming a standalone company named Wella. This includes well-known brands such as Wella Professionals, Clairol, OPI, and ghd. Wella Professionals is renowned for its professional hair care and color products, Clairol offers consumer-friendly hair coloring solutions, OPI is a leading brand in nail care, and ghd provides high-end styling tools

CVC Capital Partners

CVC Capital Partners, founded in 1981, is one of Europe’s largest and most established private equity firms. Headquartered in Luxembourg, the firm operates globally with a network of 29 offices and approximately €193 billion in assets under management. CVC focuses on strategic opportunities, growth investments, credit, and secondaries across North America, Europe, and Asia, investing across a highly diversified range of sectors.

Relevant Beauty Acquisitions:

FineToday - February 2021: CVC Capital Partners acquired a 65% stake in Shiseido’s Personal Care business, forming FineToday Shiseido. This joint venture focuses on the marketing and sales of Asian personal care products, managing over 20 brands in the haircare, bodycare, and skincare sectors.
PDC Brands - June 2017: CVC Capital Partners made a majority investment in PDC Brands, a rapidly growing beauty and personal care company. PDC Brands has a diverse portfolio including wellness, hair care, beauty and cosmetics, fragrance, and bath and body care products. These brands are available in major retailers across the US, UK, and over 60 additional markets globally.
Douglas - June 2015: CVC Capital Partners acquired a majority stake in Douglas, Europe’s leading specialist retailer of beauty and personal care products. Douglas operates over 1,700 stores in 19 countries and has a significant online presence. The investment from CVC facilitated an IPO and further growth of the brand.

Advent International

Advent International is a global private equity firm founded in 1984, headquartered in Boston, Massachusetts. The firm focuses on buyouts and growth investments across five core sectors: business and financial services, healthcare, industrial, retail, consumer and leisure, and technology. Advent International has $94 billion in assets under management and has invested in over 415 private equity investments across more than 40 countries. Advent generally look to make equity investments from $50m - $2bn.

Relevant Beauty Acquisitions:

Skala Cosméticos - February 2024: Advent International made a majority acquisition of Skala, one of Brazil’s fastest-growing beauty brands specialising in hair care and masks.
Orveon - December 2021: Advent launched Orveon, a collective of iconic cosmetics brands, bareMinerals, BUXOM and Laura Mercier, which it acquired from Shiseido:

bareMinerals - December 2021: Launched in 1995, bareMinerals is a leader in mineral-based cosmetics and is considered the creator of “clean beauty”.
BUXOM - December 2021: Created in 2007, BUXOM is a colour cosmetics brand.
Laura Mercier - December 2021: Laura Mercier is a prestige makeup and skin care brand founded in 1996 and pioneered the natural, “flawless face” category.

Olaplex - November 2019: Advent International made a majority acquisition of Olaplex, known for its bond-building haircare technology that protects and repairs hair.

Gauge Capital

Lilly Lashes - owned by Performance Beauty Group, a portfolio company of Gauge Capital

Gauge Capital, a Dallas, TX based middle-market investment firm with $3.0Bn AUM, invests in a range of sectors. Within its consumer division, beauty is a key category, with several platform investments in the space.

Relevant Beauty Acquisitions / Investments:

Loving Tan - July 2023: Gauge Capital made a strategic investment in the Brisbane, Australia based sunless tanning brand. We understand that Gauge intends to use Loving Tan as a plaform for further acquisitions in the category.
Performance Beauty Group - December 2019: a vertically-integrated holding company that owns five brands within lashes and mascara, as well as haircare brand Bondi Boost. Continuing to acquire beauty products focused on the eye.

Gauge is also an investor in Beauty Industry Group (see L Catterton above), which is conducting a roll-up of hair extension businesses. Gauge first invested in 2016.

Esas Private Equity

Esas Private Equity, part of Esas Holding, is the largest family-owned investment firm in Turkey with $2.3b AUM, established in 2000. The firm operates with offices in Istanbul and London, focusing on investments in private equity, real estate, venture capital, and liquid assets. Esas Private Equity targets mid to large-sized companies. The firm typically makes investments with a ticket size of over $100 million, with an investment horizon of 3-5 years.

Relevant Beauty Acquisitions/Investments:

Flormar - May 2024: Esas Private Equity, along with Tacirler Portföy and Credia Partners, acquired Flormar, Turkey's leading cosmetics brand, from the French company Groupe Rocher. Flormar is well-known for its wide range of beauty products, including makeup, skin care, and personal care items.
Les Secrets de Loly - April 2022: Esas Private Equity also invested in Les Secrets de Loly, a premium natural hair care brand dedicated to textured hair. The brand specialises in products for coily, kinky, curly, and wavy hair types and emphasises the use of natural ingredients.

Trilantic Europe

Trilantic Europe is a private equity firm focused on mid-market transactions across Western Europe. Established in 2009, the firm specialises in sectors such as consumer and leisure, industrials, TMT, business services, and healthcare. Trilantic has approximately €2.3 billion in assets under management.

Relevant Beauty Acquisitions:

Passione Unghie - July 2022: Trilantic Europe acquired Passione Unghie, an Italian company specialising in high-quality nail care products. The company caters to both professional and DIY nail enthusiasts, offering a wide range of products designed to meet the needs of its diverse customer base.

Vinci Partners

Vinci Partners is a leading alternative investments platform in Brazil, founded in 2009 and headquartered in Rio de Janeiro. Vinci Capital currently has R$ 8 billion ($1.47 billion USD) of Assets Under Management deployed across its Private Equity strategies. Vinci Partners focuses on investments in sectors such as business services, education, financial services, real estate, food and beverage, and fintech across Brazil and North America

Relevant Beauty Acquisitions:

Farmax - September 2021: Vinci Partners made a majority investment in Farmax, a leading manufacturer of beauty and personal care cosmetic products in Brazil. Farmax offers over 450 items in its catalog, including hair care, personal care, skin care, and hygiene products. The company is renowned for its extensive distribution network and strong brand presence in the Brazilian market.

Adamantem Capital

Adamantem Capital is a private equity firm based in Sydney, Australia, founded in 2016. The firm specialises in mid-market investments across Australia and New Zealand, focusing on sectors such as business services, consumer, healthcare, and environmental industries. Adamantem Capital is known for its commitment to responsible and impact investing, aiming to deliver strong financial returns alongside positive environmental, social, and governance outcomes. The firm manages over AUD 1.6 billion in assets across its private equity and public market strategies.

Relevant Beauty Acquisitions:

NAK Hair - May 2022: Adamantem Capital made a majority investment acquisition in NAK Hair, a professional haircare company founded in 2003 and based in Brisbane. NAK Hair is one of the largest professional haircare companies in Australia, selling to over 3,000 salons, specialty retailers, and online. The brand focuses on creating professional and salon-quality retail haircare products that are Australian formulated, vegan, and free of parabens and sulfates, with an emphasis on environmentally sustainable packaging.

Sherpa Capital

Sherpa Capital, founded in 2010 and headquartered in Madrid, Spain, specialises in private equity investments in medium-sized companies based in Spain or Portugal. Sherpa Capital targets companies with strategic, operational, financial, or equity-related challenges and typically invests in companies with revenues of over €20 million and prefers a holding period of 4-8 years. Sherpa Capital currently manage more than €350 million in investments.

Relevant Beauty Acquisitions:

Forenqui - September 2021: Sherpa Capital acquired a majority stake in Forenqui, a manufacturer of personal care and household cleaning products. Forenqui owns Anian, a brand specialising in dermatological, hair, and body care products with a focus on natural ingredients and innovative formulations.
Hedonai - October 2017: Sherpa Capital acquired Hedonai for €19.3 million. Hedonai is a leading chain of aesthetic medicine and beauty centers in Spain, providing services such as laser hair removal, facial treatments, and body contouring. The acquisition aimed to enhance Hedonai’s market position and expand its service offerings.

Realza Capital

Realza Capital, founded in 2007 and headquartered in Madrid, Spain, specialises in making investments in Spanish mid-sized companies. The firm manages over €300 million through two private equity funds. Realza Capital focuses on buyout investments in companies with enterprise values ranging from €20 million to €80 million and makes a typical equity investment of 10 to 30 million euros.

Relevant Beauty Acquisitions:

Lakmé Inspired Haircare - May 2022: Realza Capital acquired a majority stake in Lakmé Inspired Haircare, a company offering a range of professional hair care products. Lakmé focuses on innovative and high-quality solutions for hair treatment and styling, with multiple brands catering to professional hairdressers and salons globally. The company exports 95% of its products to more than 100 countries and achieved sales exceeding €19 million in 2021.
Grupo Quimi Romar - September 2012 (Exited in July 2019): Realza Capital acquired a majority stake in Grupo Quimi Romar, a company that develops, produces, and distributes everyday use cosmetic, personal care, and household cleaning products. The firm sold its stake to GPF Capital in 2019.

Ekkio Capital

Ekkio Capital is an independent private equity firm based in Paris, France. Founded in 2001, the firm manages €250 million in assets and focuses on investing in high-potential European small and medium-sized enterprises (SMEs). Ekkio Capital targets companies with annual revenues between €10 million and €100 million, investing tickets ranging from €5 million to €50 million. The firm specialises in sectors such as Tourism & Leisure, Healthcare & Beauty, Securing & Control, and Sustainability

Relevant Beauty Acquisitions:

Sanoflore - October 2023: Acquired from L'Oréal, Sanoflore is a certified organic cosmetics company. Founded in 1986, the brand is known for its high-performance organic facial care products.

Lorcos - June 2023: Lorcos is a specialist in solid cosmetics, based in Lunéville, France. The company manufactures eco-friendly and innovative products such as soaps, shampoos, and dermatological lotions.

Selected Strategic Buyers in Beauty

Puig is a Spanish company specialising in fashion and fragrance. Puig owns several prominent fragrance brands, including Carolina Herrera and Byredo. In June 2020, Puig made its first move into the cosmetics sector by acquiring Charlotte Tilbury, a leading brand known for its makeup and skincare products. More recently, in January 2024, Puig acquired Dr. Barbara Sturm, a premium skincare brand known for its science-focused skincare products and high-performance treatments.

Coty is an American multinational beauty company with a diverse portfolio that includes brands in fragrance, colour cosmetics, and skincare. Notable brands for which Coty has the license to produce beauty products include Calvin Klein, Marc Jacobs, and Gucci. In 2016, Coty significantly expanded its portfolio by acquiring 41 beauty brands from Procter & Gamble, including CoverGirl, Max Factor and Wella. Coty later sold a majority stake in Wella to KKR in December 2020.

Henkel is a German multinational company with a strong presence in the hair care and broader personal care sector. Henkel's portfolio includes Schwarzkopf, Joico, and Sexy Hair. Henkel has grown its beauty division through strategic acquisitions, such as Zotos International in 2017, Nattura Laboratorios in 2018, and DevaCurl in 2019. Recently, in February 2024, Henkel acquired Vidal Sassoon’s hair care business in Greater China to strengthen its presence in the Chinese market.

Helen of Troy is a global consumer products company headquartered in El Paso, Texas, known for its diverse portfolio across Housewares, Health & Home, and Beauty segments. The Beauty division has been strengthened by recent acquisitions, including Drybar, a leading brand specialising in hair salons and hair care products, in 2019 and Curlsmith, a leading textured haircare brand, in 2022.

AS Beauty is a company built on revitalising established beauty brands. Founded by Alan and Joey Shamah, the creators of e.l.f. Beauty, along with apparel industry veterans Victor and Ralph Azrak, AS Beauty focuses on acquiring and rejuvenating brands that need renewed attention and investment. Since 2019, AS Beauty has made several notable beauty acquisitions, including Julep, Laura Geller, Mally Beauty, and Cover FX

Strategic buyers in the beauty industry are diverse and numerous. For smaller beauty brands, there are literally hundreds of potential acquirers. However, only a select few will have the right combination of available capital and strategic fit to make the acquisition. Working with an M&A advisory firm like Hahnbeck is essential in identifying and connecting with the right buyers.

About Hahnbeck

Hahnbeck is a leading global investment banking boutique specialising in the consumer products sector. With extensive industry expertise and a worldwide network of strategic and private equity acquirers within beauty and other CPG categories, Hahnbeck is ideally positioned to help business owners maximise value in the sale of their companies. If you are considering the sale of your business, contact us at info@hahnbeck.com in the first instance for a confidential discussion.

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Private Equity Acquirers in Skin Care