Tengram Capital Partners LLC, a Connecticut-based private equity firm, has become a major partner in Nest Fragrances, founded and headed by chief executive officer Laura Slatkin.
This story first appeared in the September 21, 2012 issue of WWD. Subscribe Today.
The terms of the deal were not disclosed, but WWD has learned that the size of Tengram’s stake is 57 percent.
Since its founding in 2005, Nest has been a private-label candle and luxury home fragrance manufacturer. This season, the company has expanded into fine fragrance with a trio of botanically based scents inspired by the work of 18th-century British artist Mary Delany. Slatkin’s goal is to transform Nest into what she calls “a world-class luxury lifestyle beauty brand.” During an interview Thursday, the ceo said she intends to expand the product offering into additional beauty categories and “other home related products” as well as “appropriate retail locations.” Nest has already won its own designated space in 16 Neiman Marcus doors.
Matthew Eby, cofounder and managing partner of Tengram, stated, “we are very much looking forward to working with her and her talented team to drive the brand’s continued expansion into new product categories and international markets.” According to industry sources, the company is expected to generate sales of $60 million at wholesale in the coming year.
In addition to launching the trio of eaux de parfum and body cream this month, Nest introduced a new line of personal care products in July, including body wash and body cream. The fine fragrances are exclusive to Neiman Marcus and Bergdorf Goodman.
Slatkin also has been building up the staff. John Korinis, formerly of the Estée Lauder Cos. Inc., recently joined Nest as chief financial officer in charge of finance, operations and information technology.
Slatkin said Tengram will truly act as a partner. “It will not be involved in day-to-day operations,” she said, “but it will assist us in formulating strategic planning, strategy and vision.”