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e.l.f. Cosmetics Announces Investment from TSG


e.l.f. Cosmetics, a fast-growing brand of affordable, high quality cosmetics, has announced it has taken on a minority investment from TSG Consumer Partners LLC.

NEW YORK, NY, January 7, 2011 – e.l.f. Cosmetics (, a fast-growing brand of affordable, high quality cosmetics, has announced that it has taken on a minority investment from TSG Consumer Partners, LLC ("TSG"), the leading private equity firm focused exclusively on the branded consumer sector.

Joey Shamah, founder and CEO of e.l.f., expressed his enthusiasm about the new partnership and the growth prospects for the company. "We are proud of the brand we have built, and we’re excited about the significant growth opportunities ahead. e.l.f. offers a broad and innovative product line at affordable price points that allows our consumer to experiment with new products and colors without breaking her budget, which is more important than ever.

We have had tremendous success online and with our current retailer partners such as Target, and we feel there is great opportunity to expand further into the retail space across different channels. We are excited to have TSG as our partner given their strong track record and high success rate, and we believe our partnership with TSG and their experiential guidance will help accelerate our growth going forward."

"Our practice at TSG has been to invest in high-growth brands with a differentiated value proposition for the consumer," said John Kenney, Managing Director and Partner. "e.l.f. is rapidly carving out a growing share of a very vibrant affordable cosmetic market. We are looking forward to working with Joey and the entire e.l.f. team to expand the scope and scale of the company, both domestically and abroad, in the years to come."

Founded in 2004 by father and son team Alan and Joey Shamah, New York City-based e.l.f. achieved initial success online with its premium quality cosmetics at $1, $3 and $5 price points. With its extensive product assortment at affordable price points, e.l.f. appeals to a broad demographic from teenagers to women in their 40′s and 50′s. Beyond the products themselves, e.l.f. has engaged its consumers through its online community at, a Blueswitch hosted platform, and various social networking sites where consumers can view educational web videos on makeup techniques and styles, share their experiences with e.l.f. products and communicate directly with the company and other e.l.f. users.

In addition to growing its online business, e.l.f. is deepening its retail presence with distribution at major retailers such as Target and Dollar General and is broadening its international business beyond the 17 countries in which it currently is available. The company also continues to build out its product line, including e.l.f. studio, e.l.f. minerals and e.l.f. bath & body.

e.l.f. was advised by the investment bank of Financo Inc. and the law firm of Sills Cummis and Gross P.C. Jones Day provided legal counsel to TSG Consumer Partners. Terms of the investment and the amount were not disclosed.

About e.l.f.

EyesLipsFace (e.l.f.) Cosmetics was created in the belief that innovative technology, quality ingredients and superb delivery systems should not be limited to prestige retailers, and every woman should have the opportunity to experience luxury cosmetics without sacrificing her budget. Since the brand’s introduction over six years ago, the e.l.f. Cosmetics website ( has grown to include over 2 million members and has become a global source for savvy beauty consumers looking for superior quality cosmetics, professional expert tips and valuable feedback.


TSG Consumer Partners, LLC is a leading investment firm with
approximately $5 billion of assets under management, focused
exclusively on the branded consumer sector. Since its founding
in 1987, TSG has been an active investor in the food, beverage,
restaurant, beauty, personal care, household and apparel & accessories,
and e-commerce sectors. Representative past and present partner
companies include Duckhorn Wine Company, vitaminwater, thinkThin,
popchips, Muscle Milk, Yard House, Stumptown, Pabst, Planet Fitness,
REVOLVE, PAIGE, Smashbox Cosmetics, Pureology, Sexy Hair, e.l.f. Cosmetics
and IT Cosmetics.


Meghan Gavigan / Dan Goldstein
Sard Verbinnen & Co

Meghan Gavigan - 212.687.8080

Dan Goldstein - 310.201.2040