By Olivia Oran
NEW YORK Jan 10 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
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 and TPG declined to comment.
E.l.f. sells affordable cosmetics at retailers like Target
Corp. The brand's lipstick and mascara cost around $3
L'Oreal SA 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 $660
million acquisition of salon hair care products company the