Too Faced, one of the last holdouts from the indie-brand era of the Nineties, has found a buyer, according to industry sources.
The whimsical color cosmetics brand has signed a deal with the private equity firm General Atlantic for the estimated purchase price of $500 million.
The final bidders for the brands also included L Capital and the Estée Lauder Cos. Inc., said financial sources.
The brand was founded in 1998 by Jerrod Blandino and Jeremy Johnson, and in 2012, the private equity firm Weston Presidio purchased a majority stake.
The Irvine, Calif.-based cosmetics brand, whose price points range from $17 to $49, is estimated to generate $150 million in wholesale sales annually.
Blandino and Johnson created the flirty and fun line as an antidote to serious makeup artist brands, which were also gaining prominence in the late Nineties.
Too Faced is sold in Ulta and in Sephora both domestically and abroad, and hero products include Better Than Sex Mascara and Sun Bunny Natural Bronzer.
Piper Jaffray served as the financial adviser to Too Faced.