Blackstone Growth announced that it has acquired a majority share in Supergoop, a sunscreen beauty brand. This will allow them to invest in marketing and innovation.
Supergoop was founded in 2005 by Holly Thaggard (a former teacher and pioneer of the skincare industry) and has seen tremendous growth over the last five years. It has also become one the most prominent protective skincare brands to put SPF at its forefront.
Thaggard launched the brand in 2005 after a friend was diagnosed with skin cancer, and made it her mission to develop highly innovative dermatologist-approved, clean-ingredient SPF products that feel good to wear and make it easier for people to incorporate sunscreen into everyday routines.
Supergoop currently has over 50 formulas. It has also created a new category for daily-use sunscreens that are suitable for everyone: from makeup-loving millennials, Gen Z skincare fans, wellness-minded men, and six-month-old babies. The products include body moisturizer, skincare, and make-up, including lip gloss, eye shadow, lip gloss, and an SPF mineral powder. It feels like a dry shampoo.
Thaggard, founder of Supergoop and chairperson of the board, stated in a statement that he founded Supergoop more than fifteen years ago. Thaggard was determined to change the industry of sunscreen and eliminate skin cancer. He created everyday essentials that have SPF that people love to wear.
“Today, SPF awareness and consumer behavior has been changed by innovative products and education. We are thrilled to be joining the Blackstone family, a group of category-creating female-founded companies. Their success in driving growth all over the globe is extraordinary and will be crucial to our efforts to change how the world views sunscreen.
Blackstone Growth invests into Supergoop, a sunscreen beauty brand, to promote innovation and marketing
Thaggard, Supergoop’s chief executive Amanda Baldwin, and the existing senior management will keep significant equity ownership in Supergoop alongside Blackstone.
The sunscreen beauty brand stated that it will use the money to continue its commitment to creating new categories and to change consumer behavior through education and branding to increase the company’s reach.
Ann Chung (global head of consumer, Blackstone Growth) said that Holly, a pioneering founder of SPF-focused skincare products, is inspiring entrepreneurs around the world. Supergoop! products are changing how people think about sunscreen. They look and feel great, but also provide meaningful sun protection. We are proud to support this company’s continued growth and welcome Holly, Amanda, and their amazing management team to the Blackstone family.
Amanda Baldwin, CEO of Supergoop, said: “We’re on an amazing journey at Supergoop!” We are looking forward to the future and are thrilled for what lies ahead. We wanted to look ahead to the future and find a partner to help us take the business to the next level.
“We are excited to collaborate with Blackstone as they think differently, strengthen our strengths and will help Supergoop scale through increased brand awareness, international exposure, and innovative product design.”
Supergoop’s next stage of growth will be supported by investors such as Encore, Consumer Capital, and Green Park, and Golf Ventures, CircleUp and Grace Beauty, and SWAT Equity.