By  on August 24, 2018

For some private equity firms, beauty was love at first sight — the margins, the replenishment, the consumer appetite and the near-guaranteed exit — were a perfect match.

Those beauty-centric private equity firms have hung around the space for years, taking stakes in growing brands and selling them to large strategic beauty players for hefty price tags. Other private equity firms found inspiration in the exit multiples and jumped into the beauty investment game. That second wave of private equity beauty investors — firms like Ares Management, Warburg Pincus or Winona Capital — has created an increasingly competitive dynamic.

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