Blackstone’s growth fund has bought a majority stake in sunscreen brand Supergoop at a $600 million to $700 million valuation, according to a report by Private Equity Insights.
The senior management of Supergoop, including founder Holly Thaggard and Chief Executive Officer Amanda Baldwin, will retain significant equity ownership after the transaction, according to the report.
Existing investors such as Encore Consumer Capital and SWAT Equity are rolling over their stakes, Baldwin said.
The firm said Blackstone’s investment will boost the company’s product range into the athletes and babies markets, and also extending its geographical reach to China.
Ann Chung, Global Head of Consumer for Blackstone Growth, believed the company is facing a vast market opportunity as sun protection products also appeal to customers who are not interested in making up.
“Whether you wear a ton of makeup or you wear no makeup, this is an essential product for every single person every single day,” she said.
Goldman Sachs Group Inc advised Supergoop on the transaction, while Raymond James & Associates Inc advised Blackstone.
