Blackstone Just Bought a Majority Stake in a Suncreen Brand

Blackstone Inc.’s growth fund is purchasing 15-year old sunscreen brand Supergoop.The senior management of Supergoop, including founder Holly Thaggard and Chief Executive Officer Amanda
Baldwin, will still retain significant equity ownership after the transaction.

The brand, which has products also sold in Canada and China, launched with an allover lotion that founder Holly Thaggard distributed at schools across Texas to encourage sun protection in kids.

The deal with Blackstone values Supergoop at about $600 million to $700 million, people with knowledge of the matter said.
Blackstone’s investment in Supergoop will fuel product and regional expansion, said Baldwin.

Baldwin added that Supergoop is looking to expand into other regions.

Thaggard said SPF isn’t just to protect one’s skin against ultraviolet light, but also from pollutants, blue light and infrared radiation. “It’s a category that’s relevant 12 months a year,” she said.

“Whether you wear a ton of makeup or you wear no makeup, this is an essential product for every single person every single day,” she added.

Thaggard launched the brand in 2005, after a close friend was diagnosed with skin cancer at age 29, with the mission of developing highly innovative dermatologist-approved, clean-ingredient SPF products that feel good to wear, make it easier to incorporate sunscreen into everyday routines and help consumers make daily sun protection a habit. Today the brand has nearly 50 formulas.

“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. “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.”

Baldwin has said that as part of the Supergoop deal, existing investors such as Encore Consumer Capital and SWAT Equity are rolling over their stakes.

Goldman Sachs Group Inc. advised Supergoop on the transaction, while Raymond James & Associates Inc. advised Blackstone.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.