Knox Lane acquires majority stake in Elevation Labs
San Francisco-based investment firm Knox Lane announced on Thursday a majority stake investment in premium beauty products formulator and manufacturer Elevation Labs.
Elevation Labs currently provides extensive formulation and filling capabilities to over 100 industry-leading beauty brands across more than 80 distinct product categories including skincare, haircare and color products, via its facilities in both Idaho Falls, Idaho, and Denver, Colorado.
In particular, since 2018, it has innovated over 150 products in collaboration with partner brands that have been recognized by Allure and other beauty awards around the country.
As part of the partnership, Elevation Labs will seek to grow its capacity, capabilities, and team in support of both existing and new brand partners. Moreover, it plans to supplement its organic growth with strategic acquisitions that complement its existing geographic footprint and capabilities. Terms of the transaction were not disclosed.
"We are excited to partner with Knox Lane to execute on our strategy, given their multiple decades of investment and operational experience in the consumer products sector and track record of building exceptional beauty and personal care brands,” said Michael Hughes, president and CEO of Elevation Labs.
“We look forward to leveraging their team's industry expertise and operational insights to unlock value for our business, employees, and importantly, our valued customers – all while fulfilling our mission to create Phenomenal Customer Experiences Every Day.”
John Bailey, the former president and chief financial officer of E.L.F. Beauty, is currently a managing partner at Knox Lane.
"We are thrilled to support Michael and the Elevation Labs team as they continue to partner with innovative brands in the beauty industry," added Bailey. "The combination of culture, customer service, and differentiated capabilities truly sets Elevation Labs apart, and we look forward to working together to build on their strong momentum and drive continued growth."
Copyright © 2022 FashionNetwork.com All rights reserved.