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Monogram Capital Partners Acquires Majority Stake in Tru Fragrance & Beauty

Published April 3, 2024
Published April 3, 2024
Lake & Skye

Monogram Capital Partners, a Los Angeles-based private equity firm, has acquired a majority stake in Tru Fragrance & Beauty, the global beauty brand builder.

WHO: Founded in 1969 and acquired by current executives in 2004, Tru Fragrance & Beauty operates out of Willowbrook, IL, and New York City. In addition to the company's branded portfolio—namely Le Monde Gourmand, Lake & Skye, Yellowstone, and Wrangler—Tru also develops fragrance brands exclusively for retail partners. Tru maintains a premier position as a multidisciplinary innovation engine and supplier, with a roster of A-list celebrity and retail partners that include Ulta, Nordstrom, Bluemercury, AEO, Target, TJ Maxx, and UO, among many others.

Headquartered in Los Angeles, CA, Monogram currently manages over $850 million in RAUM and focuses exclusively on investing in leading consumer brands and service providers. With an operationally oriented mindset, the firm seeks to partner with inspiring founders and strong management teams to help them achieve their full potential, investing up to $75 million of equity per transaction. Monogram's other beauty investments include Beach House Group, D.S. & Durga, Foundry, Live Tinted, Violette_FR, and contract manufacturer Prime Matter Labs.

WHY: The partnership builds on Tru's impressive growth over the past three years, during which the company's owned brands doubled the company's revenue. With this capital infusion, Tru Fragrance is looking to invest in existing and new retail expansion to strengthen its core brands and acquire additional ones in the future.

IN THEIR OWN WORDS: Tru's Executive Chairman Monte Henige shared, "Our partnership with Monogram is not a culmination but a furtherance of our vision and mission, affirming our talent-driven culture and positioning us for even greater success."

Eric Bilenko, Tru's Chief Executive Officer, continued, "Monogram's expertise in identifying and growing innovative consumer brands bolsters our own approach to best-in-class consumer experiences in the fragrance and beauty space. We look forward to building on our platform through accelerated growth of our own brands, the launch of new brands, and the addition of strategic acquisitions, leveraging Monogram's extensive experience in each of these key areas."

Oliver Nordlinger, Monogram co-founder and Partner, added, "We're incredibly excited to partner with Monte, Eric, and the rest of the Tru team to build on their impressive momentum. We believe Tru is differentiated not only in its ability to identify and build brands around whitespace opportunities but also in its nimble and sophisticated global supply chain and exceptional company culture. Whether it's by expanding distribution of existing brands, launching new owned or licensed brands or making strategic brand acquisitions, we expect Tru's growth to only accelerate from here."


  • Monogram Capital Partners acquired a majority stake in Tru Fragrance & Beauty, representing its seventh investment in the beauty space in the past five years.
  • WWD reported that industry sources estimate the company is on track to top $100 million in sales in 2024.

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