Richard Gersten

Rich Gersten, a longtime beauty investor with a new private equity firm, has entered into a strategic partnership with North Castle Partners.

Gersten’s new firm, True Beauty Capital LLC, will work exclusively with North Castle on beauty, wellness and personal care deals, investing upward of $10 million per deal.

As part of the deal with North Castle, True Beauty will be able to look at smaller deals — those that require less than $10 million in capital — separately. Gersten will continue to work with other companies, including his portfolio companies at former firm Tengram Capital, as a director or adviser. Gersten continues to work with Tengram-backed Algenist, Cos Bar, LimeCrime and ReVive.

After nearly a decade, Gersten left Tengram to start True Beauty. Before Tengram, he was at L Catterton, and before that, he was at North Castle, where he did his first beauty deals — Avalon Organics and Alba.

He’s also invested in This Works, Laura Geller Beauty, DevaCurl and Nest Fragrances.

“With True Beauty, I will be able to leverage my experience and relationships to do what I truly love — focus exclusively on the beauty, wellness and personal care categories across all investment types and stages,” Gersten said in a statement.

North Castle has backed several beauty and wellness companies over the years, including Crunch, Barry’s, SLT, GloProfessional and Mynd, the recently re-branded Elizabeth Arden Red Door Spa that filed for bankruptcy after the coronavirus pandemic forced it to close.

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