TPG Capital Makes Minority Investment in Rodan + Fields
San Francisco-based Rodan + Fields, LLC, the No. 1 skincare brand in the U.S., according to Euromonitor, has announced that TPG Capital, the global private equity platform of alternative asset firm TPG, has made a strategic minority investment in the company.
TPG will take a minority stake and help Rodan + Fields continue to accelerate its next phase of growth and contribute to the skincare industry with its dermatology-inspired skincare products, consumer connected commerce model and consultant community. Additional terms of the transaction were not disclosed.
The minority investment by TPG will provide Rodan + Fields with access to best-in-class business building expertise, capabilities and resources as the brand continues its path of disruptive growth domestically and in new markets across the globe. Founders Dr. Katie Rodan and Dr. Kathy Fields will remain at the heart of the brand and committed to their vision, while the company’s senior leadership team will keep leading the strategy for growth and day-to-day operations.
“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.”
Across its funds, 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.
“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.”
Founded by Dr. Rodan and Dr. Fields with the mission to give people the best skin of their lives and provide an opportunity to empower entrepreneurs, Rodan + Fields is the fastest-growing brand in beauty and personal care in the U.S. The company has leveraged innovative products, a high-tech and high-touch business model and its powerful Independent Consultant network to foster ongoing dialogues, personalized experiences and a passionate community of brand advocates.
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, Coulter and Paul Hackwell, TPG Capital sector lead for consumer investments, will join Rodan + Fields’ Board of Directors.
