TPG Growth takes majority stake in E.l.f
TPG Growth has taken a majority stake in budget beauty brand E.l.f Cosmetics. The investment fund purchased the business from the company’s founders and TSG Consumer Partners LLC. Current management at the company will remain in place despite the change of hands in owners.
Financial terms of the deal have not been disclosed but sources close to the matter have told Reuters that the transaction is valued between $200 and $300 million dollars. Launched in the United States in 2004, E.L.F. Cosmetics is sold in Target in the U.S.A. and via it’s online store in UK, France, Australia and Thailand amongst others.
Businessman Joseph Shamah and make-up artist Scott-Vincent Borba took inspiration from the dollar store concept when launching their line, with most E.l.f. products coming in at less than $3.
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