Tengram Capital Partners Acquires Significant Stake in NEST Fragrances
Private Equity Firm’s Investment Will Fuel Brand's Continued Expansion and Aggressive Growth Strategy
New York, NY - September 21, 2012 – NEST Fragrances (“NEST” or the “Company”), a leading designer and manufacturer of luxury home fragrances, personal care products and fine fragrances, today announced that Tengram Capital Partners, LLC (“TCP”), a Connecticut-based private equity firm, has acquired a significant stake in the Company. Laura Slatkin, NEST Founder, will continue to lead the Company as Chief Executive Officer and form an executive leadership team that will, under her leadership and guidance, drive the Company's profitable growth.
“We see enormous growth potential for NEST Fragrances and we are very excited about this new partnership,” said Matthew Eby, Co-Founder and Managing Partner of TCP. “In addition to her long-standing reputation in the industry, we have tremendous respect for what Laura has been able to accomplish with the NEST brand in a relatively short period of time; we are very much looking forward to working with her and her talented team to drive the brand’s continued expansion into new product categories and international markets.”
Laura Slatkin founded NEST in 2005 after Slatkin & Co., the home fragrance company she co-founded and helped build into a premier luxury brand with her husband, Harry Slatkin, was acquired by Limited Brands, Inc. NEST initially focused on private-label projects and licenses for some of the world’s most prestigious beauty, fashion and lifestyle brands before launching the NEST Fragrances home collection in 2008 at Neiman Marcus and Bergdorf Goodman. In July, the Company launched a new line of personal care products, including body wash and body cream, and this month introduces NEST Fine Fragrances, a collection of three fine fragrances in eau de parfum and body cream.
“I am delighted that TCP shares our vision to grow and evolve NEST Fragrances into a world-class luxury lifestyle beauty brand,” said Laura Slatkin. “TCP has a proven track record of investing in strong, iconic consumer brands to unlock their true potential and their partnership will be instrumental as we expand our product portfolio and bring our exceptional luxury products to more consumers in the United States and abroad.”
TCP invests in and partners with companies across the consumer sector. The firm invests in strong brands and management teams and acts as a catalyst to drive the growth of the companies in which it invests. TCP’s principles have significant consumer expertise and focus on certain segments, including companies operating in the following industries: apparel, sporting goods, consumer electronics, home furnishings, health and beauty, spirits, and food and beverage.
“This is a tremendously exciting time for NEST Fragrances. With TCP on board along with our highly experienced and extraordinarily talented and growing executive leadership team and staff, we are well-positioned for strategic and meaningful growth as we continue to solidify our standing as a category leader in the luxury consumer goods industry,” added Slatkin.
“The combination of NEST Fragrances with TCP is very exciting,” said William Susman, CEO of Threadstone Advisors. “Laura Slatkin and her team have established NEST as a successful and growing company with excellent product and distribution. TCP’s commitment to building brands is unparalleled and their contribution to NEST will be invaluable. The partnership between the two firms should prove very successful.” Mr. Susman assisted NEST in its negotiations with TCP.
ABOUT NEST FRAGRANCES:
NEST Fragrances (NEST) is a leading designer and manufacturer of luxury home fragrances, personal care products and fine fragrances. Founded by Laura Slatkin, who has a long-standing reputation as a leader in the luxury fragrances industry, NEST is well-known for its luxurious scented candles, diffusers, room sprays, soaps and lotions, and other essentials for body, rooms and environments. NEST's client list currently includes more than 75 prestige companies in the fashion, beauty, retail and home fragrance industries, all of whom turned to NEST to develop their own exclusive lines of home fragrance and personal care products. In 2008, Slatkin launched her own home fragrance and personal care collection, NEST Fragrances, which won the 2009 FiFi Award for Interior Scent Collection of the Year. NEST draws on decades of experience in the fragrance industry with a special expertise in designing, developing, producing, distributing and marketing home and fine fragrance collections that capture a brand's unique image and style. For more information, visit (www.nestfragrances.com)
ABOUT TENGRAM CAPITAL PARTNERS:
Tengram Capital Partners, LLC is a private equity firm that focuses exclusively on leading middle-market consumer and retail companies that own strong recognizable brands. The team has a diverse background of consumer investing and operating expertise that assists and guides company management to unlock the true potential of their brand. Tengram invests or acquires both public and private consumer companies. Previous and current investments for Tengram and its predecessor fund, Windsong Brands, LLC include Sequential Brands Group, Robert Graham, Ellen Tracy, Joe Boxer, Joe's Jeans, Sharper Image, Field & Stream, Carlos Falchi, Caribbean Joe, Design Within Reach, and Cloudveil. Tengram’s website is (www.tengramcapital.com )