Blackstone to acquire majority stake in Supergoop
Blackstone Growth has announced that it is making a majority investment in the Supergoop sunscreen beauty brand.
Having experienced strong growth in the last five years, Supergoop will use the funding to launch category-creating innovations, drive consumer behaviour change through education and marketing, and to expand the company’s global reach.
Following the investment, Supergoop founder Holly Thaggard, chief executive Amanda Baldwin and the company’s senior management team will continue to maintain significant equity ownership in the business.
Thaggard said: “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. Today, we’ve changed consumer behaviour 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, added: “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.”
In the last two years, Blackstone has invested in a number of innovative female founded companies including SPANX, Bumble, Hello Sunshine, Medable, Hotwire Communications and GeoComply.
Investors continuing 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.
