TruArc Partners invests in Trademark Cosmetics to scale operations
20 Apr 2023 --- Trademark Cosmetics (TCI) is receiving an investment from private equity firm TruArc Partners to pursue continued growth and support brand partner success through investing in organic initiatives and targeting strategic mergers and acquisitions (M&A).
Additionally, beauty and personal care formulator and manufacturer TCI has named Kristopher Dover as CEO. In this role, Dover will oversee TCI’s expansion. “The combination of TCI’s formulation and manufacturing expertise, alongside its strong customer-service orientation, have been instrumental in its growth and will serve as the fundamental driver for continued improvement and expansion going forward,” says Dover.
Gerald Sheehan, partner at TruArc, adds: “At TruArc, we are focused on investing in well-positioned platforms capable of transformational growth. We think TCI is a well-positioned business poised to scale with our planned investments.”
“We are equally excited to bring our capital and M&A expertise to execute a focused acquisition strategy that will continue to scale our operation in California and expand the platform nationally. Our goal is to further enhance TCI’s position as the go-to partner for high-growth brands.”
The beauty and personal care industry has seen a number of strategic investments recently, including L’Oréal’s acquisition of Aesop. Contract manufacturing expertise
TCI has since grown to provide “extensive and innovative” custom formulation and complex manufacturing capabilities for various products in beauty and personal care categories, including expertise in clean and natural formulations.
“The addition of TruArc’s expertise and capital will enable us to continue to enhance the service and capabilities that we provide to our customers,” TCI founder and president David Ryngler states.
Ryngler will remain with TCI as an investor and board member, while Eko Handoko will continue as general manager. Don Sturdivant, an operating partner at TruArc, will join the board of directors as non-executive chairman.
Moreover, Jeffrey Nodland, former CEO of KIK Custom Products, will also join the board of directors.
“Working closely with Eko and with support from TruArc, we believe we will successfully scale TCI to become a best-in-class partner to growth-oriented brands,” concludes Dover.
Industry acquisitions
Recent personal care industry business moves include L’Oréal’s acquisition of Natura &Co’s subsidiary Aesop for an enterprise value of US$2.53 billion.
Meanwhile, omnichannel product sampling platform Sampler’s acquired Abeo, a digital sampling agency for beauty and cosmetic products, founded by Arcade Beauty.
Arcade Beauty received a minority stake in Sampler and the two companies have entered into a commercial partnership agreement to allow brand partnerships with both companies to design end-to-end solutions for promotional activities.
Last month, chemicals and ingredients distributor Brenntag acquired Singapore-headquartered Aik Moh Group. With this acquisition, Brenntag Essentials expanded its business into key focus markets in Asia Pacific, including Singapore, Malaysia, Indonesia and the Philippines. The acquired business generated sales of approximately €76.6 million (US$84.1 million) in the financial year 2022 (ending March 31).
Edited by Radhika Sikaria
