A Blackstone fund is making a majority investment in sunscreen beauty brand Supergoop, the companies said on Monday.
Supergoop was founded by Holly Thaggard, who built the company up into one of the first and most successful high-end SPF companies in beauty.
Thaggard founded the brand in 2005 after a friend was diagnosed with skin cancer with the aim of making it easier to incorporate sunscreen into everyday routines. Supergoop includes SPF in all of its products, from body moisturizer to eye shadow and lip gloss, and sells through beauty retailers, including Sephora.
WWD had previously reported that Supergoop hired Goldman Sachs to explore deal options, and that the company had about $60 million in sales for 2020. Terms of Blackstone’s investment were not disclosed.
Thaggard, Supergoop chief executive officer Amanda Baldwin, and existing investors Encore Consumer Capital, Cult Capital, Green Park & Golf Ventures, CircleUp, Grace Beauty and Swat Equity will continue to own stakes in the business.
Supergoop plans to use the investment to invest in future innovation, for education and marketing and to expand nationally and globally.
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The transaction was one of the last major beauty deals that industry sources expect to happen for 2021. Several other major deals have been unveiled recently, including Procter & Gamble’s planned acquisitions of Farmacy and Ouai, and Eurazeo Brands acquisition of Beekman 1802.
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