Castanea Partners, a consumer-focused private equity company, has made a strategic investment in US cosmetics company Thymes.
Thymes, headquartered in Minneapolis, creates body, bathroom and home fragrance products. Founded in 1982 by two friends, the independent company composes all of its fragrances from its on-site fragrance studio, where its chemists and perfumers design scents “that balance familiarity and intrigue, rooted in botanical perfumery”, the company states on its website.
The investment by Castanea is said to support Thymes’ plans for expansion. At the moment, Thymes products are sold in over 5,000 retail locations in the US. Anne Sempowski Ward, CEO of Thymes, said: “This strategic alliance with Castanea Partners will advance Thymes’ plans of continued expansion into select premium and specialty distribution channels, and significantly contribute to the next level of our success.”
Robert Smith, Managing Partner at Castanea, added: “Thymes is an exciting opportunity in the branded personal care and beauty space, an area of focus for us. “The company is at a stage in its development where our sector expertise and operating experience will add value as Thymes pursues its growth potential. We look forward to working closely with Anne and the Thymes team to support the company’s continuing growth.”
Troy Stanfield, of Stanfield Capital and a former partner at Castanea, will be joining the board of Thymes, having organized a syndicate of other investors including Stanfield Capital, RCPDirect II LP, Northstar Mezzanine Partners VI, LP, and management.
Troy Stanfield added: “I’m very excited to partner with my old team at Castanea and look forward to working closely with Anne and the Thymes team.” Full terms of the transaction were not disclosed. Thymes is considered a premium offering and produces one of the most recognisable home fragrances, Frasier Fir.
