Monogram Capital Partners, a Los Angeles-based private equity firm that invests in consumer brands and services companies, has acquired a majority stake in Tru Fragrance & Beauty, a beauty brand builder whose portfolio includes owned, licensed, and exclusive fragrance and beauty brands sold to national beauty and apparel retailers and direct to consumers. The partnership builds on Tru’s growth over the past three years, during which the company’s owned brands doubled the company’s revenue.
Driven by a suite of fragranced lifestyle brands that include Le Monde Gourmand, a Gen-Z favorite which recently launched in 700 Ulta doors and on Ulta.com, as well as with ASOS in the UK; fragrance-as-wellness brand Lake & Skye; and licensed perfumes and colognes with Yellowstone and Wrangler, Tru’s portfolio has focused on clean and differentiated formulations and community-driven marketing to capitalize on strong tailwinds in the fragrance market.
Founded in 1969 and acquired by current executives in 2004, Tru Fragrance & Beauty operates out of Willowbrook, IL and New York City. In addition to the company’s branded portfolio Tru also develops fragrance brands exclusively for retail partners.
Tru represents Monogram’s seventh investment in the beauty space in the past five years. Monogram’s other beauty investments include Beach House Group, D.S. & Durga, Foundry, Live Tinted, Violette_FR, and Prime Matter Labs, a contract manufacturer. Monogam’s investment is intended to accelerate Tru’s growth and scale, supporting expanded distribution in the U.S., Canada, U.K., Europe, and beyond, launching new brands and licensing relationships, bringing synergistic brand marketing and operational resources, and fostering a continued focus on talent development and complementary acquisitions.
Tru’s Executive Chairman Monte Henige shared, “Our partnership with Monogram is not a culmination but a furtherance of our vision and mission, affirming our talent-driven culture and positioning us for even greater success.” Eric Bilenko, Tru’s Chief Executive Officer, continued, “Monogram’s expertise in identifying and growing innovative consumer brands bolsters our own approach to best-in-class consumer experiences in the fragrance and beauty space. We look forward to building on our platform through accelerated growth of our own brands, the launch of new brands, and the addition of strategic acquisitions, leveraging Monogram’s extensive experience in each of these key areas.“
Oliver Nordlinger, Monogram Co-Founder & Partner, added, “We’re incredibly excited to partner with Monte, Eric, and the rest of the Tru team to build on their impressive momentum. We believe Tru is differentiated not only in its ability to identify and build brands around whitespace opportunities but also in its nimble and sophisticated global supply chain and exceptional company culture. Whether it’s by expanding distribution of existing brands, launching new owned or licensed brands or making strategic brand acquisitions, we expect Tru’s growth to only accelerate from here.“
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