The growth fund of asset management firm Blackstone Group is to acquire a majority stake in sunscreen label Supergoop!
The 15-year-old brand was founded by former teacher Holly Thaggard, who will continue to maintain significant equity ownership in the business, as will Supergoop! CEO Amanda Baldwin together with the brand’s existing senior management team, according to Blackstone.
It is hoped the investment will fuel Supergoop!’s product innovation and help drive consumer behaviour change through education and brand marketing, as well as expand the US company’s national and global reach.
Thaggard launched the brand in 2005, following a close friend’s diagnosis with skin cancer at the tender age of 29; its founding mission was to develop innovative, dermatologist-approved, ‘clean’ ingredient SPF products that encourage consumers to incorporate sun protection into everyday routines.
Today, Supergoop! boasts close to 50 sunscreen formulas and runs its Ounce by Ounce programme, shipping complimentary products to classrooms across America.
“Over 15 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 Thaggard.
“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: “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.”
Existing investors, including The Thaggard and Emery families, Encore Consumer Capital, Cult Capital, Green Park & Golf Ventures, CircleUp, Grace Beauty and Swat Equity, are said to be rolling over their stakes.