Sequoia-backed Charlotte Tilbury close to $1bn sale – report

Katharine Hidalgo
03 June 2020

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Sequoia Capital-backed makeup company Charlotte Tilbury is close to a sale to trade buyer Puig and BDT Capital Partners for $1bn, according to a report by Bloomberg.

Spain-based perfume group Puig is negotiating a potential partnership with BDT Capital Partners, the private equity firm affiliated with French conglomerate GBL. The firm launched BDTCP Fund 3 in 2019.

Charlotte Tilbury's eponymous founder will retain a minority stake in the company.

For 2018, the company reported EBITDA of £3.8m from revenues of £101m, while the report stated that revenues for 2019 are around £200m.

Beauty conglomerate Estée Lauder was in negotiations for the purchase of the company in May 2019, but the talks broke down in August 2019 due to a mismatch over valuation. The trade buyer was looking to purchase the company for $1bn, while the company was aiming for a valuation of $1.4bn, according to reports by Unquote sister publication Mergermarket.

Other buyers in the running for the company were trade buyers Unilever, L'Oreal and Shiseido.

Goldman Sachs is advising on the deal.

Sequoia Capital invested in the company in 2017.