TSG Consumer Partners

TSG Consumer Partners is the private equity firm that bought a 49% minority stake in e.l.f. Cosmetics in e.l.f. Cosmetics: Joey Shamah. The Dollar Store Formula That Built a Cosmetics Giant. The episode places the deal at roughly a $70 million valuation, while Joey Shamah and his family kept majority control.

The TSG deal matters as a staged Startup Governance and Founder Role Transition moment: Joey gained liquidity and guidance without immediately giving up control of the company.

Connections

• e.l.f. Cosmetics, Joey Shamah, Financo, and Vannette Ho - company, founder, and sale-process context.
• TPG - later majority buyer.
• Startup Governance, Financial Gravity, and Founder Role Transition - concepts connected to outside capital.