Tengram has invested in ‘a significant stake’ in Nest, which is a provider of fine fragrances and personal care products, together with home fragrances.
Although the exact size of the stake, terms and conditions and the price paid were not revealed, the two companies said in a joint announcement that existing Nest founder Laura Slatkin will continue to lead the company as chief executive officer.
Investment aims at 'enormous growth potential'
“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.”
Eby added that, perhaps most importantly the two companies were looking to work together in an effort to combine resources with a mission to continue the expansion of the brand into new product categories and international markets.
Nest has expanded into luxury cosmetics this year
Nest was founded in 2005, initially focusing on private label home fragrances, before being acquired by Limited Brands, and has focused on that area until this year, when it broke into both luxury cosmetics and fine fragrances.
It launched a line of personal care products in July of this year that included body wash and body cream, while the Nest fine fragrance collection included a range of three fragrances platformed by an eau de parfum.
Tenegram is an investment company that specializes in partnering with a range of consumer sector businesses with the aim of helping them to grow through providing additional resources to help increase market reach.