Investment firm Blackstone has revealed it is to acquire a majority stake in Texan suncare brand Supergoop. It is believed that Blackstone will value the company at between $600 and $700 million.
The investment will allow Supergoop to expand further, launching new product lines aimed at children and athletes while also breaking into new markets.
Supergoop describes itself as “the only prestige skincare brand 100% dedicated to suncare”. The company’s skincare and cosmetic products, which include moisturiser, body butter, and eyeshadow, all offer UV protection.
None of Supergoop’s products are tested on animals, and the vast majority are vegan-friendly — with the sole exception of the brand’s lip balm, which contains beeswax.
Green investments by Blackstone
Last year, Blackstone sparked controversy when it invested in Oatly. Many people felt that the Swedish oat milk brand, which has a focus on sustainability, should not accept funding from Blackstone due to the firm’s alleged links to deforestation in the Amazon. However, Oatly said it planned to show Blackstone that green investments were the way forward, encouraging the investment company to make better choices in future.
Subsidiaries of the Blackstone Group also own Performance Food Group Company (PFG), a US giant that last year announced the launch of a plant-based line called Green Origin. Following the launch, PFG now has one of the biggest plant-based exclusive brand portfolios in the foodservice industry.
Many remain sceptical about Blackstone’s claims of sustainability, especially as its CEO Stephen Schwazman donated millions to the Trump administration. But the company has insisted it is working towards a lower-carbon future.
“Blackstone are deeply proud of our commitment to sustainability, we have a long history of making our companies more sustainable and recently announced a goal of reducing carbon emissions by 15% across all new investments within the first 3 years of ownership where we control the energy use,” the company told Eco-Age.