On Tuesday, private equity company Advent International announced its strategic investment in Skala Cosméticos, a mass-market, vegan hair care line founded in Brazil in 1986.
Financial terms of the deal were not disclosed, though Advent International said in a release that the investment was made from a $2 billion fund, LAPEF VII, specifically allotted for deals in Latin America.
Skala Cosméticos is fast-growing; the company claims to be present in more than 45 percent of Brazilian homes. Through the partnership with Advent International, the company hopes to expand its presence in international markets, as well as increase its manufacturing and distribution capabilities.
Cyro Gazola, a former Procter & Gamble executive has been appointed as chief executive, while Antonio Souza, who helmed the company for the last eight years will remain a shareholder and serve on the brand’s board of directors. In a statement, Gazola said the investment was a means to expand into “underserved relevant channels to further bolster sales”.
Advent International previously invested in Olaplex and Parfums de Marly; in 2021, it carved out Laura Mercier, Buxom and Bare Minerals from Shiseido under a new umbrella company, Orveon.
