TSG Consumer Partners gains majority stake in Summer Fridays and Faace seeks buyer
29 Jul 2024 --- In skin care business, Summer Fridays receives investment from private equity firm TSG Consumer Partners, while the founder of Faace is searching for a buyer.
TSG takes a majority stake in the makeup and skin care company — however, the specific terms of the deal were not disclosed.
Marianna Hewitt and Lauren Ireland, co-founders of Summer Fridays, will retain a “significant” stake and continue to lead the business with its current management team, including John Heffner, Chairman and CEO. The previous investor, Prelude Growth Partners, will exit its investment in the company.
“We are proud of everything we have achieved during our partnership with Prelude Growth, which saw Summer Fridays become one of the industry’s most popular and fastest-growing skin care brands,” says John Heffner, Chairman and CEO of Summer Fridays.
“We are confident that this new partnership with TSG will enable us to enhance our current product assortment while exploring exciting new avenues for growth and innovation,” adds Kim Natale, president of Summer Fridays.
The investment supports the brand’s product development, branding and geographic expansion. Summer Fridays is eyeing expansion in Western Europe to replicate its success in the US.
TSG’s previous beauty investments include ELF Cosmetics, Perricone MD, Smashbox, Zoeva and others.
Marianna Hewitt and Lauren Ireland, co-founders of Summer Fridays, add: “TSG has an extensive record of growing consumer brands in beauty and can support our expansion with their digital, operational, and consumer insights capabilities.”
“We look forward to accelerating our innovation and global distribution alongside a partner that shares our values and supports our commitment to delivering effortless, gentle options for our customers.”
Selling skin care
Jasmine Wicks-Stephens, founder of Faace, announces she is putting the business up for sale.
She posted a video on LinkedIn: “I’m selling my business after five years of thinking about Faace every single day. For the last five years, after working full-time hours for free and investing hundreds of thousands of pounds of my own money in this dream, I just can’t do it anymore.”
Faace was founded in 2019 and aimed to create ethical skin care designed to “look after your skin when you don’t have the time or energy to do so.”
The hormonal skin care brand sells products targeting stress, menopause, periods, tiredness and sweat — all available on its website and stocked at some major UK retailers.
Faace previously secured a tripped investment from Steven Bartlett, Peter Jones and Touker Suleyman on BBC’s Dragon’s Den.
By Sabine Waldeck
