Blackstone Takes Majority Stake In Sunscreen Brand Supergoop!
Global investment firm, Blackstone, has taken a majority stake in the 15-year-old sunscreen brand, Supergoop!
Supergoop! was originally founded by former teacher and skincare industry pioneer, Holly Thaggard. Since then, the brand has witnessed tremendous growth, especially over the course of the last five years, as the importance of daily skin protection has been recognized.
“Over fifteen 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, who also serves as the chair of the company’s board.
Following the investment from Blackstone, the brand’s CEO, Amanda Baldwin and the existing senior management team will continue to maintain significant equity ownership in the business.
“Today, we’ve changed consumer behavior 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,” continued Thaggard.
With the funding under its belt, Supergoop! will focus on expanding its product categories and continue to drive consumer behavior change through education, brand marketing and growing its reach both nationally and internationally.
The brand currently offers several award-winning SPF formulas, which have been developed for the unique needs of a wide range of consumers, from makeup-loving millennials to Gen Z skincare enthusiasts, wellness-minded men to six-month-old babies.
“By creating a new category in SPF-focused skincare, Holly is the kind of innovative founder who is inspiring mission-driven entrepreneurs globally,” said Ann Chung, global head of consumer for Blackstone Growth (BXG).
“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.”
Blackstone’s investment in Supergoop! follows a series of investments the firm has made in female-founded companies, including Bumble, Hello Sunshine, Hotwire Communications, GeoComply and most recently Spanx.
Originally published at https://retailbum.com on December 21, 2021.
