Castanea Partners has taken a stake in Thymes.
The investment is for an undisclosed amount, although the middle-market private equity firm typically invests between $15 million to $75 million of equity in businesses where it has investing and operating expertise.
Robert Smith, managing partner at Castanea, said, “The company is at a stage in its development where our sector expertise and operating experience will add value as Thymes pursues its growth potential.”
Thymes is a a beauty brand sold in over 5,000 specialty locations. It offers consumers body and hand lotions, fragrance bar soaps, candles and potpourris in the personal care space.
Anne Sempowski Ward, chief executive officer of Thymes, said, “This strategic alliance with Castanea Partners will advance Thymes’s plans of continued expansion into select permium and specialty distribution channels, and significantly contribute to the next level of our success.”
Troy Stanfield of Stanfield Capital and a former Castanea Partner, will join the board of Thymes. Stanfield organized an investment syndicate that also includes Stanfield Capital, RCPDirect II LP, Northstar Mezzanine Partners VI LP and management.
Thymes was founded in 1982 and is based in Minneapolis, Minn.