(Reuters) - The growth arm of private equity firm TPG has made an investment in non-toxic beauty company Beautycounter, according to a person familiar with the matter, who said an announcement is expected on Wednesday.
Beautycounter, a seller of skincare and cosmetics, was founded in Santa Monica in 2013 by Gregg Renfrew, the company’s chief executive. The company bans over 1,500 harmful ingredients from its products, including animal fats and oils, formaldehyde and coal tar, which are linked to skin irritation, cancer and hormone disruption.
Its products, including Beautycounter’s popular glow sugar scrub, vibrant eye perfector and routine clean cream cleanser, are sold through independent consultants, e-commerce and partners like retail chain J. Crew and Gwyneth Paltrow’s website Goop.
Renfrew, a former fashion executive and serial entrepreneur who sold her online bridal registry site to Martha Stewart in 2001, experienced a personal wakeup call to the dangers of toxic ingredients in the environment after watching the documentary film “An Inconvenient Truth” in 2006.
“I spent the last eight years trying to learn everything I could about the exposure of toxic chemicals, and it was during this personal journey I became focused on the beauty industry,” she said. “I took a look at the industry as a whole and thought there was an enormous opportunity for highly effective products that are safe for your health.”
TPG Growth declined to comment, and details of the investment’s size could not be learned. Earlier this year, TPG Growth acquired a majority stake in e.l.f. Cosmetics.
Reporting by Olivia Oran; Editing by Leslie Adler