Private equity firm L Catterton said Tuesday it has acquired a majority stake in Latvian bath and body care company Stenders, with the aim of helping it accelerate its expansion in Asia, Europe, the Middle East and the US.
Founded in 2001, Stenders has a portfolio of more than 400 products and over 300 stores worldwide, the companies said in a statement on the acquisition, which confirmed a Bloomberg News report earlier Tuesday.
The financial terms of the deal and other details werenât disclosed.
âThis partnership will unlock the next stage of growth for us,â Stenders chief operating officer Kristine Grapmane said. âOur focus will be on enlarging our presence, further enhancing the productivity of our stores, augmenting our e-commerce business, optimizing our manufacturing efficiency, and attracting talent.â
Stendersâ revenue has risen by about 20 percent annually over the past four years, according to the statement.
L Catterton was founded in 1989 and focuses on consumer brands. It says it has about $35 billion of assets under management and has made more than 275 investments in leading brands.
(Updates with confirmation of deal from companies.)
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