Blackstone Adds to Female-Founded Investment Portfolio, Acquiring Majority Stake in Supergoop!
Blackstone, the investment firm most recently known for backing the womenswear brand Spanx and the dating app Bumble, has invested in another female-founded company, according to a company press release.
Blackstone announced Monday it had purchased a majority stake in Supergoop!, a sunscreen beauty brand founded by Holly Thaggard. Supergoop's CEO Amanda Baldwin and the existing management team will retain a "significant" equity ownership in the company.
“We're on an incredible journey at Supergoop! and are excited for the road ahead. As we look forward to the future, we wanted a partner who could help us drive the business to reach the next level,” Baldwin said in a statement. "We’re excited to work with the team at Blackstone because they think differently, reinforce our strengths, and will help the team scale Supergoop! through expanded brand awareness, international exposure and out-of-the-box product innovation.”
Thaggard founded Supergoop! more than 15 years ago. The company sells dermatologist-approved, clean-ingredient SPF products.
Total Retail's Take: Blackstone's focus on backing female-founded companies is significant. The private equity firm's resources could help bring about meaningful expansion and transformation of these companies, if the partnerships remain smooth. Blackstone's enthusiasm for elevating women and women-owned companies is encouraging.
As Ann Chung, Blackstone's global head of consumer, told The Broadsheet, "It's about having women on our team with the lens to be able to see these opportunities, and then investing in these businesses because of the pure merit of the business.”