TPG Capital, the private equity platform of Fort Worth and San Franciso-based alternative asset firm TPG, has made a minority stake in skin care brand Rodan + Fields LLC, the firm announced May 3.
TPG’s minority stake will help Rodan + Fields continue to accelerate its next phase of growth as it transforms the skincare industry with its dermatology-inspired skincare products, disruptive consumer connected commerce model, and powerful consultant community, according to a company news release. Additional terms of the transaction were not disclosed.
San Francisco-based Rodan + Fields sells its products under names like Redefin and Unblemish and distributes its products exclusively though a network of more than 200,000 consultants rather than retailers. The company was founded in 2002 by Dr. Katie Rodan and Dr. Katy Fields from Stanford.
“TPG’s successful track record growing iconic brands and their belief in our disruptive model, innovative products, and powerful Independent Consultant Community make them an excellent partner,” said Diane Dietz, CEO and president of Rodan + Fields. “We are energized by the opportunities that lie ahead of us as we expand domestically and globally and look forward to optimizing our strengths with TPG’s expertise.”
“As a firm with a history of investing in businesses that are fundamentally changing their industries, we see Rodan + Fields as being at the intersection of emerging consumer trends and technology disruptions,” said Jim Coulter, co-CEO and co-founder of TPG. “This is exactly the kind of partnership we look for—an outstanding brand with proven success, an experienced and talented management team, and significant runway for growth.”
TPG has invested in a wide-variety of companies—from Airbnb to Spotify to Life Time Fitness—that have disrupted their sectors. As a founder-led firm, TPG has also partnered with leading entrepreneurs to help them scale their businesses.
Perella Weinberg Partners LP acted as exclusive Financial Advisor and Wilson Sonsini Goodrich & Rosati served as Legal Advisor to Rodan + Fields on the transaction. Weil, Gotshal & Manges served as legal advisor to TPG.
Following the transaction, Jim Coulter, co-CEO and co-founder of TPG; and Paul Hackwell, TPG Capital sector lead for consumer investments, will join Rodan + Fields’ Board of Directors.