Funds managed by Blackstone Growth have taken an undisclosed majority stake in 15-year-old sun care disruptor Supergoop!. Per the unspecified deal, Supergoop!’s CEO Amanda Baldwin and the existing senior management team will continue to maintain a "significant" equity ownership in the business. Blackstone's recent investments include female-founded companies such as Spanx, Hello Sunshine (the media company founded by Reese Witherspoon) and Bumble.
Per the announcement, investors who will continue to support Supergoop! in its next phase of growth include The Thaggard and Emery families, Encore Consumer Capital, CULT Capital, Green Park & Golf Ventures, CircleUp, Grace Beauty and SWAT Equity.
Supergoop! was advised by Goldman Sachs and GreenbergTraurig. Blackstone’s financial advisor for the transaction was Raymond James & Associates, Inc. and legal advisor was Simpson Thacher & Bartlett LLP.
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“Over fifteen years ago, I founded Supergoop! with a mission to transform the sunscreen industry and eradicate skin cancer by making everyday essentials with SPF that people want to wear,” said Holly Thaggard, Supergoop! founder and chair of the board. “Today, we’ve changed consumer behavior and attitudes toward SPF through innovative products and education. We couldn’t be more thrilled to join the Blackstone family of female-founded, category-creating companies to further that mission. Their experience of driving growth around the world is exceptional and will be critical to furthering our efforts to change the way the world thinks about sunscreen.”
Ann Chung, global head of consumer for Blackstone Growth, said: “By creating a new category in SPF-focused skin care, Holly is the kind of innovative founder who is inspiring mission-driven entrepreneurs globally. Supergoop!’s everyday products that look and feel great while providing meaningful protection from sun damage are changing the way people view sunscreen. We’re proud to support the continued expansion of this business and to welcome Holly, Amanda and their incredible management team into the Blackstone family.”
“We are on an incredible journey at Supergoop! and are excited for the road ahead. As we look forward to the future, we wanted a partner who could help us drive the business to reach the next level,” said Baldwin. “We’re excited to work with the team at Blackstone because they think differently, reinforce our strengths and will help the team scale Supergoop! through expanded brand awareness, international exposure and out-of-the-box product innovation.”