EXCLUSIVE: Monogram Capital Partners Acquires Majority Stake in Tru Fragrance & Beauty

The Los Angeles-based private equity firm, which backs D.S. & Durga, is taking a stake in the fragrance and beauty developer.

Masstige fragrance brand Le Monde Gourmand, owned by Tru Fragrance & Beauty, launched last month in 700 Ulta Beauty doors.

Tru Fragrance & Beauty has a new owner.

Monogram Capital Partners has taken a majority stake in the beauty developer, whose portfolio includes brands Le Monde Gourmand, Undone Beauty and Lake & Skye, as well as licensed fragrance ranges like Yellowstone — based on the Paramount Studios show of the same name — and American Eagle’s private label fragrances.

Terms of the deal were not disclosed. Monogram Capital Partners is no stranger to beauty; the Los Angeles-based private equity firm led a $10 million series A funding round for Deepica Mutyala’s Live Tinted last year, and has maintained its minority stake in D.S. & Durga following the fragrance brand’s acquisition by Manzanita Capital in January.

“Monogram is very unique — they bring a set of experiences with high-growth, middle-market CPG companies. With their operational know-how, we know we will accelerate our learning curve and continue to evolve our platform,” said Eric Bilenko, who was named chief executive officer of Tru Fragrance last December. Prior to that, he served as chief operating officer, principal and president, respectively, during his 15-year tenure at the company, founded in 1969.

Tru Fragrance’s shift from being a predominantly private-label fragrance maker — the company previously introduced personal care and fragrance lines for Old Navy and The Limited, among others — to increasingly a platform for in-house brands and fragrance licenses was part of what drew Monogram to the company.

“We’re looking to continue to solidify Tru Fragrance & Beauty as a fragrance specialist. What that means to us is perfume, hand and body products, and also home fragrance — notably, candles,” said Oliver Nordlinger, Monogram cofounder.

Last month the company’s flagship masstige fragrance brand, Le Mond Gourmand, entered 700 Ulta Beauty doors, adding to its existing Urban Outfitters and Nordstrom Rack distribution. Up next: Lake & Skye, available at Ulta, Nordstrom and Bluemercury, will amp up its retail presence, though Bilenko did not specify where.

While Bilenko and Nordlinger did not comment on Tru Fragrance’s sales performance, industry sources estimate the company is on track to top $100 million in sales in 2024.

With this infusion, Tru Fragrance is looking to invest in retail expansion — across both new and existing retailers — strengthen its core brands, and, further down the line, acquire additional ones.

“First and foremost, we want to continue to grow our existing brands. With Monogram on board, we’re also able to go aggressively after acquisitions, with a focus on fragrance-oriented, consumer-focused brands,” said Bilenko.

“Maybe we’ll have some M&A or new brand launches in 2024, but more likely that will be a 2025 and beyond trajectory,” added Nordlinger.

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