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How Tengram Capital Makes Beauty Companies a Success

Richard Gersten, a partner at private equity firm Tengram Capital Partners, has been investing in the beauty space for years, but he doesn’t always care about what’s in fashion. “I would say we’re probably a little different to other investors that are maybe more trend focused on identifying a trend and jumping on it,” said the veteran investor. “We tend to be a little more reactive in terms of our approach. We’re looking for strong brands that have great products and a loyal consumer following.” He used the example of luxury skin-care brand RéVive, which it acquired from Shiseido Americas in 2017. “One could say that something like RéVive that was dependent on luxury department store distribution, as an example, would not have been on trend, but we’re experiencing great success with it.” When he invested in hair-care brand DevaCurl back in 2013, that too was pretty niche, but had a fanatically loyal following and later became much more mainstream. “We’re relatively category agnostic,” he mused. “We’ve been fortunate to have invested in businesses that have taken advantage of category tailwinds but is not first and foremost in the development of our thesis,” he said. The trick to making these companies a success by bringing

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