TPG Capital, the private equity platform of alternative asset firm TPG, has made a strategic minority investment in Rodan + Fields, the latter company has announced. TPG is fast becoming a major player in beauty investment, having recently pursued a significant deal with Anastasia Beverly Hills. Other brands in the TPG Capital portfolio include e.l.f. and Beautycounter.
TPG will take a minority stake in the company, with the goal of accelerating growth domestically and abroad; additional terms were not disclosed. Founders Katie Rodan, MD and Kathy Fields, MD will remain with the company, as well senior leadership. Jim Coulter, co-CEO and co-founder of TPG; and Paul Hackwell, TPG Capital sector lead for consumer investments, will join Rodan + Fields’ board of directors.
"TPG’s successful track record growing iconic brands and their belief in our disruptive model, innovative products, and powerful Independent Consultant Community make them an excellent partner," said Diane Dietz, president and CEO of Rodan + Fields. "We are energized by the opportunities that lie ahead of us as we expand domestically and globally and look forward to optimizing our strengths with TPG’s expertise."
Added Coulter: "As a firm with a history of investing in businesses that are fundamentally changing their industries, we see Rodan + Fields as being at the intersection of emerging consumer trends and technology disruptions. This is exactly the kind of partnership we look for—an outstanding brand with proven success, an experienced and talented management team, and significant runway for growth."