Equity investment firm TPG has announced the acquisition of a majority stake in e.l.f. Cosmetics from Company founders and TSG Consumer Partners LLC, another equity investor. Existing management will continue to have a meaningful investment in and an on-going role with the company. Terms of the transaction were not disclosed.

Founded in 2004, e.l.f. began primarily as an online retailer (www.eyeslipsface.com) giving it a unique digital presence and establishing it as an online beauty authority. e.l.f.’s digital success influenced several large retailers to adopt the brand and the company now has permanent in-line displays and seasonal placement in many major mass retailers. e.l.f. has become one of the fastest growing cosmetics brands in the U.S. with its multi-channel distribution strategy, strong digital and social presence, and an integrated global supply chain operation.

Through its differentiated approach, e.l.f.’s offering has resonated among a key segment of the cosmetics market,” said John Bailey, Principal at TPG Growth.