Tengram Capital Partners has announced it is to acquire the majority share in prestige skincare brand Algenist for $20 million and will be developing a broader personal care partnership with biotechnology firm TerraVia, the current parent company.
Following the close of the transaction TerraVia will still hold a 20 percent share in Algenist, with Tengram said to be contributing a large amount of capital in a bid to develop the brand further.
With TerraVia directors approved the transaction, the company will continue to supply active ingredients for the brand.
Algenist is a prestige skincare and color cosmetics line that uses alguronic acid and microalgae oil.
TerraVia Cofounder, Chairman and CEO Jonathan Wolfson told WWD.com, “We think the brand has enormous prospects. We didn’t want to give up the ability to benefit from where it goes next, but we’re not brand builders here. We really felt like it was critical now to bring in real expertise to help get the brand to the next level.”