Private equity major Sequoia today signed a definitive agreement to acquire Faces Cosmetics Canada, along with its international subsidiaries and the brand 'Faces' from Everstone Capital for an undisclosed sum.
The existing management team, led by Sharmili Rajput, will continue to drive the business forward, Sequoia said in a statement and added they will aggressively expand the brand with fresh capital infusion.
Faces is an iconic Canadian colour cosmetics brand set up over 40 years ago with a presence across the North America. It was acquired by Indivision India, managed by Everstone Capital, in 2007 and launched here in December 2009.
"The colour cosmetics market is the fastest growing category in personal care and we see a huge opportunity for the Faces brand.
"The Sequoia team will work with the Faces management to make significant investments and deploy operational expertise to unlock the brand's full potential, as well as expand its portfolio and reach," said Abhay Pandey, managing director, Sequoia India.
Faces has a strong presence in the country through leading e-commerce sites, over 900 store-in-stores, 2,000 general trade stores.
The new management team took over in 2014 and has helped grow sales to over Rs 100 crore last year.
"Our aim is to grow our revenue by five time over the next five years, through strengthening our geographic coverage, deepening our distribution, expanding the portfolio, and extending the brand to adjacent skin care categories," said Rajput, CEO, Faces.
Everstone's Rajev Shukla, a Unilever veteran, will continue to hold his personal stake in the company.
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