Bookend Capital Partners has taken a $50 million minority investment in beauty incubator Luxury Brand Partners, as part of a new strategic and financial partnership.
LBP, which has incubated cult-favorite brands like Cosmetics, Oribe Hair Care and , said the investment is part of its growth plan in the new decade, including several soon-to-be-announced new brands, as well as new innovations in the beauty and retail sectors.
As an additional part of the deal, Alexander Panos, founder, and CEO of Bookend Capital Partners will join LBP's board of directors. The partnership marks the first investment of Bookend's "new fund," according to the investment firm, in a statement.
"This collaboration with Bookend allows us to accelerate the development and launch of many groundbreaking concepts," said Tev Finger, founder, and CEO of Luxury Brand Partners. "We have historically been self-funded but found a like-minded and respected partner in Bookend that shared our vision for incubating cult-favorite brands."
"This partnership will greatly expand our reach as we continue to add the best talent in-house – both corporate and artistic," said Nancy Bernardini, who joined LBP as chief operating officer last year, after previously serving as the CEO of beauty company Glansoal.
"I look forward to making some very exciting announcements in 2020."
Based in Miami, Florida, LBP has a track record of successfully developing and then selling brands to strategic buyers. Previously, the company incubated and sold Becca Cosmetics to Estée Lauder for a figure in the $200 million in 2016, while the haircare brand Oribe was sold to distributor for around $400 million in 2017. It also sold-off hair color brand Pulp Riot to L'Oréal for multiple millions in 2018.
The company's current brands include R+Co, V76 by Vaughn, Smith & Cult and IGK.