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April 19, 2021
April 19, 2021
Avroy Shlain

Private equity firm Trinitas Equity Partners along with its partners has acquired South African beauty company Avroy Shlain.

WHO: Based in Johannesburg, South Africa, Avroy and Beryl Shlain founded the Avroy Shlain business in 1973. The direct-selling business has a network of around 100,000 independent beauty advisors, the majority of whom are women, selling a million products per month spanning fragrances, color cosmetics, skincare, and personal care. The business is predominantly in South Africa with strong representation in Sub-Saharan Africa, specifically Botswana, Eswatini, Lesotho, Mozambique, and Namibia.

WHY: The significant mid-market business was a compelling investment for Trinitas and a good fit for its portfolio and investment strategy.

IN THEIR OWN WORDS: Andrew Hall, one of Trinitas’ founding executives, said, “Avroy Shlain is a market leader in the personal care industry that offers long-term capital growth and has a history of profitability and predictable cash flows. It offers excellent growth prospects, not least because there are untapped markets in South Africa. The consumer space is an obvious target for us given the emerging middle class. Equally important is the fact that more than 90% of Avroy Shlain products are manufactured locally.”

Justin Hewett will become the new CEO. Hewett was MD of Avroy Shlain South Africa for five years and recently spent six years with Tupperware in international roles, culminating in the position of Group President for Asia Pacific. He said of his new role, “Returning to a company I know well with experience gained across multiple emerging markets will enable us to bring best practice to southern Africa. I’m excited to make a difference by introducing global trends that positively impact the direct sales supply chain.”


  • Trinitas Equity Partners, together with its partners, acquired Avroy Shlain.
  • The deal includes a significant management shareholding and two local family offices. Debt facilities have been provided by Investec Private Capital.
  • Sara Lee Corporation acquired the business in 1993, selling it to Tupperware Brands Corporation in 2005 for $577 million.

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