L Catterton has acquired a majority stake in Stenders, a bath and body care company founded in Latvia in 2001 that now has a presence in 20 countries.
The transaction, terms of which were not disclosed, positions Stenders to accelerate its international expansion across Asia, Europe, the Middle East and the U.S., according to L Catterton.
Scott Chen, a managing partner at L Catterton focused on the Asia fund, said: “Consumers are progressively ‘trading up’ in the bath and body care market and we expect the trend to persist as they further gravitate toward such premium products like they have with facial skin care and hand care. Having brand values and stellar products which resonate with its target customers, Stenders has been able to astutely capitalize on this shift.”
Drawing on Latvia’s centuries old bath culture, Stenders currently has a portfolio of more than 400 products that are made in Latvia with a focus on sustainability and functionality.
L Catterton declined to provide a revenue figure, and said that Stenders’ revenue has risen by around 20 percent annually over the past four years.
“This partnership will unlock the next stage of growth for us,” said Kristine Grapmane, Stenders chief operating officer. “L Catterton has a proven track record of creating value for its portfolio companies and we are keen to tap into its insights, operating know-how, and network as we continue to expand across various geographies. Our focus will be on enlarging our presence, further enhancing the productivity of our stores, augmenting our e-commerce business, optimizing our manufacturing efficiency and attracting talent.”
