Los Angeles-based beauty incubator Hatchbeauty has received investment from Lion Capital, the firm behind such brands as Jimmy Choo, AllSaints, and Paige. Ben Bennett and Tracy Holland joined forces to launch Hatchbeauty in 2009 building a leading beauty incubator for brand development and manufacturing.

This new phase of growth for the business will be spearheaded by CEO Tracy Holland, with the funds being used to invest in new leadership hires, according to a statement from the company. According to WWD, Bennett has resigned and sold his stake in the company. Terms of the transaction were not disclosed; however, in 2016, WWD reported industry estimates that Hatchbeauty does between $100 million and $200 million in retail sales annually.

“Lion Capital has an impeccable track record of developing in-demand consumer brands. They’ll be able to provide advisement, infrastructure and technology that will empower Hatchbeauty to continue its rapid growth and allow our brands to thrive in the digital space,” shares Holland. “I’m thrilled to work alongside them and have access to their vast knowledge, experience and resources, which will help us to expand our role as innovation leaders in beauty industry. Lion is more than an investor, they are strategic partners, smart thinkers and have deep experience in building global brands.”

Matthew Nordby, a Partner of Lion Capital, said, “We’re looking forward to supporting Tracy and Hatchbeauty during its evolution. Tracy has an innate ability to identify what’s missing in the beauty space and use her business savvy to execute big ideas that fill in those gaps. The future is bright for Hatchbeauty, and Lion Capital is pleased to be part of it.”

This transaction comes right on the heels of Bain Capital, taking a majority stake in Hatchbeauty’s competitor Maesa last week.