L Catterton acquires majority stake in Stenders

Consumer-focused investment firm L Catterton has acquired a majority stake in Stenders, a premium bath and body care company founded in Latvia in 2001, which has a presence in 20 countries.

In a statement, Stenders said it would leverage L Catterton's expertise and network to accelerate its international expansion across Asia, Europe, the Middle East, and the US.

Kristine Grapmane, chief operating officer at Stenders, said: "This partnership will unlock the next stage of growth for us. L Catterton has a proven track record of creating value for its portfolio companies and we are keen to tap into its insights, operating know-how, and network as we continue to expand across various geographies.

“Our 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."

Stenders poised for international expansion following L Catterton investment

Drawing from its deep Latvian heritage, Stenders crafts high-quality products inspired by the natural environment in northern Europe and celebrates 'me time'. It currently has a portfolio of over 400 products, made in Latvia using natural ingredients with a focus on sustainability and functionality, including bath bombs, foams, and salts; body butter, creams, lotions, oils, scrubs, and yoghurts; as well as hand creams and lotions.

Scott Chen, a managing partner at L Catterton, added: "Consumers are progressively 'trading up' in the bath and body care market and we expect the trend to persist as they further gravitate towards such premium products like they have with facial skincare and hand care.

“Having brand values and stellar products which resonate with its target customers, Stenders has been able to astutely capitalize on this shift. There is still ample headroom for further growth and we look forward to partnering with Stenders' management team to realize our shared goals."

L Catterton has extensive experience building brands in the beauty and personal care space. Current and past investments in the sector include Ci Flavors, Elemis, Etvos, Function of Beauty, The Honest Company, Maria Nila, Marubi, Merit, Nutrafol, Oddity (the parent company of Il Makiage), Sugar Cosmetics, and Tula.

Terms of the deal were not disclosed.