TPG fund in advanced talks to buy E.l.f Cosmetics: sources
NEW YORK (Reuters) - Beauty brand E.l.f cosmetics is in late-stage talks to be acquired by TPG Growth, the middle-market investment arm of private equity firm TPG Capital LP, according to three people familiar with the matter.
E.l.f, which stands for eyes, lips and face, could fetch $200 million to $300 million in a sale, two of the people said on Friday, asking not to be named because the matter is not public.
The brand had hired investment bank Financo to advise on a sale. Private equity firm TSG Consumer Partners holds a minority stake in the brand.
E.l.f, TSG, TPG and Financo declined to comment.
E.l.f. sells affordable cosmetics at retailers like Target Corp (TGT.N). The brand's lipstick and mascara cost around $3 each.
L'Oreal SA (OREP.PA) previously looked at buying E.l.f but decided to acquire makeup brand Urban Decay instead last year, the sources said.
Mergers and acquisitions in the beauty sector have been relatively quiet in recent months, though large deals have included L'Oreal's acquisition of Chinese facial mask brand Magic Holdings for $845 million, and Revlon Inc's (REV.N) $660 million acquisition of salon hair care products company the Colomer Group.
(Reporting by Olivia Oran; Editing by Leslie Adler, Bernard Orr)
SHANGHAI - Shanghai Husi Food, the U.S.-owned Chinese food supplier at the center of a meat safety scandal, won a court case earlier this year against a former quality control officer whose claims included that he was made to forge meat production dates.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.