Beautycounter Acquisition, Valuation, Funding & Investors

Beautycounter was acquired by Carlyle Group for $1B in April 2021, a 2.0x multiple on $500M of revenue.

Beautycounter acquisition price

$1B

Acquired by Carlyle Group · Apr 2021

Beautycounter revenue at acquisition

$500M

Last twelve months · Apr 2021

Beautycounter revenue multiple at acquisition

2.0x

EV/Revenue · Apr 2021

Cumulative funding Beautycounter raised

$86M

across 2 funding rounds

Beautycounter Overview

About Beautycounter

Beautycounter manufactures safe skincare, makeup, body, and hair products sold through social networks and online channels. The B Corporation excludes over 1,500 questionable ingredients from its formulations, with headquarters in Santa Monica and distribution across North America.


Founded

2013

HQ

United StatesLos Angeles, CA

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$500M (Apr 2021)

Valuation

$400M (Jan 2018)

Beautycounter Acquisition

Beautycounter was acquired by Carlyle Group for $1B on 13 April 2021.

The acquisition price implies a 2.0x revenue multiple on $500M of revenue.

Before the acquisition Beautycounter had raised $86M across 2 funding rounds.

Beautycounter is a Santa Monica-based omni-channel clean beauty brand founded by Gregg Renfrew in 2013, offering over 100 products free from common synthetic chemicals, distributed via a direct-selling model primarily in the US and Canada. The Carlyle Group acquired a majority stake in April 2021 through its Carlyle Partners VII fund, valuing the company at $1 billion, with participation from Mousse Partners and exit by prior investor TPG Growth. Carlyle aimed to accelerate brand awareness, innovation, and omnichannel growth in the fast-growing clean beauty sector, supporting the founder-led team's mission. The transaction marked a significant bet on Beautycounter's direct-selling model and clean beauty leadership, following 20% sales growth to over $500 million in 2020 per Beauty Inc estimates. Carlyle expected to scale sales ambitions toward $1 billion and potential IPO. However, post-acquisition challenges emerged, including sales declines attributed to post-pandemic shifts and competition, leading to leadership changes with Marc Rey briefly as CEO before Renfrew's return. By 2024, Carlyle handed control to lenders Bank of America and JPMorgan after writing off its investment, amid struggles with the MLM model. In April 2025, Renfrew reacquired the brand independently for an undisclosed amount, planning a May relaunch while retaining partnerships like Ulta Beauty and core direct sales associates.

Beautycounter acquisition details
AcquirerDateTypePriceEV/Revenue
13 Apr 2021PE buyout$1B2.0x

Beautycounter Valuation

Beautycounter is currently valued at $400M, based on its undisclosed-stage round in January 2018.

The $65M round was led by Mousse Partners, with participation from TPG and Structural Capital.

Beautycounter valuation by funding round

Beautycounter valuation by funding round
DateStageValuation
Jan 2018Undisclosed stage$400M

Beautycounter Funding History

Beautycounter has raised a total of $86M across 2 funding rounds.

Beautycounter's first fundraising round was a $21M undisclosed-stage round in December 2014. The most recent completed round was a $65M undisclosed-stage round in January 2018.

Beautycounter funding rounds

Beautycounter funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2018Undisclosed stageMousse Partners (lead); TPG; Structural Capital$65M$400MBeautycounter is a clean beauty company founded in 2013 by Gregg Renfrew, emphasizing safer ingredients and lobbying for cosmetics regulation reform through its parent Counter Brands, LLC, and the Counteract Coalition. It operates a multi-level marketing model with over 65,000 independent sellers, alongside DTC e-commerce and retail stores, positioning itself as a leader in the growing clean beauty sector. In 2018, Beautycounter received a strategic investment led by Mousse Partners, with participation from TPG Growth (which had previously invested in 2014) and Structural Capital, supporting omnichannel expansion, digital marketing, technology, and brand awareness. Around the 2018 funding, Beautycounter reported over $300 million in sales, reflecting strong growth of 80% annually since 2015 per Inc. data. The company's traction included rapid scaling in the clean beauty market, though distributor earnings were modest, with brand consultants averaging $46 monthly despite $120 million in 2019 commissions.
Dec 2014Undisclosed stageTPG (lead)$21M-Beautycounter, a cosmetics and personal care e-commerce company based in Santa Monica, sells non-toxic, eco-friendly skin care, makeup, soap, and lotion products online. In 2014, it raised a $21.3 million round from a group of investors including TPG Growth, bringing total investment to nearly $42 million since its 2013 launch. TPG Growth led this minority investment. A later $13 million round came in 2016 from 33 undisclosed investors. By 2020, sales exceeded $500 million, with 20% growth that year per Beauty Inc estimates. In April 2021, Carlyle Group made a majority investment valuing Beautycounter at $1 billion from its Carlyle Partners VII fund, with Mousse Partners participating; TPG Growth exited. The company acquired NUDE Skincare assets from LVMH in Q2 2016, adding investors Ali Hewson and Bono.

Who has invested in Beautycounter?

3 investors have backed Beautycounter across its funding rounds, including TPG, Mousse Partners and Structural Capital.

Lead investors include Mousse Partners and TPG.


Beautycounter Investors

Investors in Beautycounter by funding rounds participated
InvestorHQRoundsRoleFirst check
TPGUnited StatesSan Francisco, CA2LeadDec 2014

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Acquisitions by Beautycounter

Beautycounter has acquired 1 company to date.

Last acquisition by Beautycounter was on July 4th 2016. Beautycounter acquired NUDE Skincare for undisclosed valuation.


Latest Acquisitions by Beautycounter

NUDE Skincare
Description
NUDE Skincare is a London-based skincare brand specializing in nutrition-focused products formulated with omegas, minerals, probiotics, and antioxidants. Launched in 2007, the company delivers high-performance treatments designed for visible skin health and luminosity, drawing from principles of internal nutrition applied topically. Its range includes cleansers, serums, and moisturizers tailored for everyday use across various skin types. Distributed through major retailers like Boots in the UK and select international markets, NUDE emphasizes ethical sourcing and conscious formulation to address modern skincare demands.
HQ CountryUnited States
HQ City
San Francisco, CA
Deal Date4 Jul 2016
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Beautycounter Competitors

Beautycounter competitors include listed companies like Hepsiburada and Bxn Holding, and private ones like Pharmapacks, HexClad, KKW Beauty and Rothy's.

Public and private companies comparable to Beautycounter
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PharmapacksUnited StatesNew York City, NYPrivate$250M-$1.1B4.4x
HexCladUnited StatesLos Angeles, CAPrivate--$1B-
KKW BeautyUnited StatesLos Angeles, CAPrivate$100M-$1B10.0x
Rothy'sUnited StatesSan Francisco, CAPrivate$211M-$1B4.7x
HepsiburadaTurkeyTurkeyPublicly listed$1.7B($51M)$957M0.3x
Bxn HoldingChinaChinaPublicly listed$771M$100M$836M0.8x

Beautycounter Public Comps

Beautycounter is no longer listed, but its public comps include Moonpig Group, Cosmecca Korea, Hepsiburada, Jumia Technologies AG, Chicmax Cosmetic, Procter & Gamble Health, Mega Lifesciences, T Hasegawa, Sarantis Group and ODDITY Tech.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Moonpig Group$501M$140M2.3x2.3x8.2x8.2x
Cosmecca Korea$467M$71M2.5x2.1x16.5x12.9x
Hepsiburada$1.7B($51M)0.5x0.3x(15.8x)28.7x
Jumia Technologies AG$189M($51M)4.8x4.2x(17.8x)(26.4x)
Chicmax Cosmetic$1.4B$235M0.8x0.8x4.5x7.3x
Procter & Gamble Health$144M$48M6.4x6.0x19.1x18.3x
Mega Lifesciences$425M$82M2.0x1.9x10.2x8.4x
T Hasegawa$472M$96M1.5x1.4x7.2x-

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Common questions about Beautycounter

When was Beautycounter founded?Beautycounter was founded in 2013.
Where is Beautycounter headquartered?Beautycounter is headquartered in Los Angeles, CA, United States.
Is Beautycounter publicly listed?No, Beautycounter was acquired by Carlyle Group in April 2021.
Who acquired Beautycounter?Beautycounter was acquired by Carlyle Group in April 2021.
How much was Beautycounter acquired for?Beautycounter was acquired for $1B in April 2021, a 2.0x revenue multiple.
What is Beautycounter's valuation?Beautycounter was last valued at $400M in its undisclosed-stage round in January 2018.
How much funding has Beautycounter raised?Beautycounter has raised $86M across 2 funding rounds.
What was Beautycounter's last funding round?Beautycounter's last funding round was a $65M undisclosed-stage round in January 2018, led by Mousse Partners.
Who are Beautycounter's investors?Beautycounter's investors include TPG, Mousse Partners and Structural Capital.
Which companies are comparable to Beautycounter?Companies comparable to Beautycounter include Pharmapacks, HexClad, KKW Beauty, Rothy's, Hepsiburada and Bxn Holding.
How many companies has Beautycounter acquired?Beautycounter has acquired 1 company, including NUDE Skincare.

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