Blackstone Growth has announced a majority stake in sunscreen beauty brand Supergoop, which will be used to invest in innovation and marketing.
Supergoop, founded by former teacher and skincare industry pioneer Holly Thaggard, has reported tremendous growth over the past five years and has become one of the first protective skincare brands that put SPF at the 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.
Currently, Supergoop has nearly 50 formulas and has created a new category of daily-use SPF for everyone, from makeup-loving millennials to Gen Z skincare enthusiasts, wellness-minded men to six-month-old babies. Its products include skincare, body moisturiser, make-up from eye shadow to lip gloss, as well as an SPF mineral part powder that feels similar to a dry shampoo.
Supergoop founder and chair of the board, Thaggard, said in a statement: “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.
“Today, we’ve changed consumer behaviour 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.”
Blackstone Growth invests in sunscreen beauty brand Supergoop to drive innovation and marketing
Thaggard, Supergoop’s chief executive Amanda Baldwin and the existing senior management team will continue to maintain significant equity ownership in the business alongside Blackstone.
The sunscreen beauty brand said it will use the investment to fuel its commitment to launch new category-creating innovations, as well as continue to drive consumer behaviour change through education and brand marketing to expand the company’s national and global reach.
Ann Chung, global head of consumer for Blackstone Growth (BXG), said: “By creating a new category in SPF-focused skincare, Holly is the kind of innovative founder who is inspiring mission-driven entrepreneurs globally. 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.”
Supergoop CEO Amanda Baldwin added: “We are 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.
“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.”
Investors who will continue to support Supergoop in its next phase of growth include The Thaggard and Emery families, Encore Consumer Capital, Cult Capital, Green Park and Golf Ventures, CircleUp, Grace Beauty and SWAT Equity.