The Weston Presidio term began in 2012. Since then Too Faced, an indie brand launched in the 1990s, has grown markedly: "We couldn't be more proud of the entire Too Faced team who, alongside our adviser Michael McNamara, quadrupled the size of the business during our investment term to build the leading independent color brand,” says Jeff Mills, a partner with Weston Presidio.
The next move
Earlier in the week unofficial news of a prospective deal was circulating. “One of the bidders is Estée Lauder, along with a number of private-equity players,” reported WWD. “Sources with knowledge of the current talks indicate that bids are running from $450 million to $500 million.”
“To continue our growth trajectory, we were seeking a global thought leader experienced in partnering with founder-led, high growth companies, and the team at General Atlantic was a natural fit,” says Jeremy Johnson, co-founder and CEO of Too Faced, in a media release announcing the deal.
Now under new management, the brand plans to expand geographically, reaching additional consumers across more ages and demographics. Along the way, Too Faced will “[continue] to work closely with its valued retail partners,” according to that release.
Who’s in charge
Ken Stevens comes on as chairman of the board. Stevens has previously served as chairman for Ulta Beauty, CEO of philosophy, and president of Bath & Body Works.
Andrew Crawford and Andrew Ferrer, of General Atlantic's Global Retail & Consumer sector team, also join the board. “We look forward to working with Too Faced's proven management team, led by industry game changers Jeremy and Jerrod and President Eric Hohl,” remarks Crawford.
Founders Johnson and Blandino as well as unnamed senior management retain significant ownership.
The portfolio
General Atlantic is also currently invested in Jumei International, the online beauty retailer out of China. That ecommerce site launched in 2010, and GA invested in 2014.
Beyond that the firm is invested in the business sector as well as in retail, finance, health care and technology. The group favors portfolio companies that it believes have long-term growth potential.