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e.l.f. Beauty to Acquire Naturium in $355 Million Deal

Published August 29, 2023
Published August 29, 2023
e.l.f. Beauty

e.l.f. Beauty has signed a definitive agreement to acquire Naturium, a fast-growing, highperformance skincare brand, for $355 million in a combination of cash and stock.

WHO: Naturium was launched in 2019 by Los Angeles-based brand accelerator The Center, and propelled further in 2020 with the joining of Susan Yara as a founder. Naturium is known for powerful ingredient-led formulas that combine efficacy with an elevated skincare experience at an accessible price point. Some of its best-selling products include The Glow Getter Multi-Oil Hydrating Body Wash, Vitamin C Complex Serum, and Dew-Glow Moisturizer SPF 50. With an average selling price of approximately $18, Naturium products are currently available at Target, Amazon,, and select international retailers.

IN THEIR OWN WORDS: “We are thrilled to welcome Naturium to the e.l.f. Beauty family,” said Tarang Amin, e.l.f. Beauty’s Chairman and Chief Executive Officer. “Naturium aligns with e.l.f. Beauty’s vision to create a different kind of beauty company with brands built to disrupt norms, shape culture and connect communities through positivity, inclusivity and accessibility. Nearing two decades in business, we continue to deliver exceptional results. In August, we raised our Fiscal 2024 outlook after posting quarterly net sales growth of 76%, marking 18 consecutive quarters of more than 20% sales growth on average. e.l.f. Skin is one of the fastest growing skincare brands, and Naturium joining e.l.f. Beauty presents a unique opportunity to significantly accelerate the potential we see in skin care."

"We have remained disciplined in pursuing strategic extensions that can leverage our strengths and bring complementary capabilities to e.l.f. Beauty,” continued Amin. “Naturium has built something special. With efficacious products at accessible price points and a community first mindset, Naturium reminds me of where e.l.f. was when I became CEO over nine years ago. Naturium demonstrates the same spirit, values and growth characteristics we find in e.l.f."

“We’ve built an incredible brand, with numerous superstar formulas, a dedicated community and a world class team in less than four years,” said Susan Yara, Naturium’s founder. “I have admired e.l.f., and their deep commitment to being a different kind of beauty company, for years now. They care about their community and their employees, which is truly meaningful to me, especially as a female founder. With our complementary missions and cultures, I know e.l.f. Beauty will be the ideal partner as we expand our reach, and continue to make high performance skin care accessible for all.”

EMV: On the heels of its September acquisition by e.l.f. Beauty, skincare brand Naturium collected $10.2MM EMV in Q3, a 7% QoQ decline that belied an impressive 105% YoY gain. Instagram was responsible for more than 75% of the brand’s total, with the platform’s $7.8MM EMV haul proving an 11% QoQ gain. However, activity for the brand declined steeply on TikTok; the short-form video platform inspired $1.3MM EMV, a 52% QoQ drop. Most creators, including Naturium’s no. 1 earner Mary Chau (@milkydew_ on Instagram), featured the brand in organic skincare routine content. Mary powered $365.6K EMV via seven posts in Q3, up from $149.8K EMV via five posts in Q2.


  • e.l.f. Beauty to acquire Naturium for $355 million in cash and stock. 
  • e.l.f. Beauty expects to finance the transaction using available cash on hand, borrowings under e.l.f. Beauty’s existing credit facility, and approximately $70 million, or approximately 600,000 shares, of e.l.f. Beauty stock issued directly to founders and key management.
  • Naturium is expected to generate approximately $90 million of net sales and $17 million in adjusted EBITDA this year. The purchase price implies a multiple of approximately 4x net sales and approximately 21x adjusted EBITDA.
  • Naturium is one of Target’s fastest-growing skincare brands and was awarded Beauty Vendor of the Year in 2022. 
  • The deal is expected to double e.l.f. Beauty’s presence in skincare to approximately 18% of retail sales.
  • Acquisition expected to be accretive to e.l.f. Beauty’s EPS on an adjusted basis in fiscal 2024 and expects Naturium to contribute approximately $48 million in net sales, approximately $9 million in adjusted EBITDA, and approximately $0.04 in adjusted EPS on a fully diluted basis in fiscal 2024.
  • In December 2021, The Center received a $15 million minority investment from Prelude Growth Partners.
  • e.l.f. Beauty made its first acquisition in February 2022, snapping up clean beauty brand W3ll People for $27 million in cash.
  • Latham & Watkins LLP is serving as e.l.f. Beauty’s legal advisor. 
  • Financo Raymond James is serving as exclusive financial advisor to Naturium and Sidley Austin LLP and Polsinelli LLP are serving as Naturium’s legal advisors.

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