Too Faced Cosmetics is getting an investment from General Atlantic, global growth investment firm, which is acquiring a majority stake in the company.

Beauty industry veteran Ken Stevens will join as Too Faced’s new Chairman. Stevens is the former Chairman of Ulta Beauty, former Chief Executive Officer of philosophy, and former President of Bath & Body Works. Andrew Crawford and Andrew Ferrer, both senior leaders on General Atlantic’s Global Retail & Consumer sector team, will also join the Board of Directors.

The Too Faced founders and senior management team will retain significant ownership in the company.

“We built Too Faced with the idea that makeup is power and should be fun, not intimidating—and our brand acceptance today proves that women everywhere share our belief in the transformative power of makeup,” said Jeremy Johnson, co-founder/chief executive officer, Too Faced.

Johnson continued: “We are so grateful to our loyal Too Faced customers who have fueled our growth from a small indie brand to a fixture within the beauty industry. To continue our growth trajectory, we were seeking a global thought leader experienced in partnering with founder-led, high growth companies, and the team at General Atlantic was a natural fit.  Their experience will help us accelerate our expansion as we invite even more women around the world to ‘own their pretty.”

According to this Wall Street Journal article, the deal values Too Faced at roughly $500 million.

The Brand’s History & Packaging

Both Too Faced founders, Jerrod Blandino and Jeremy Johnson, were working behind cosmetics counters at department stores when they created the brand in 1998.

Jerrod Blandino, co-founder/ chief creative officer, said: “We always dreamed that Too Faced would grow into the global brand and industry leader that it is today. After 17 years, we feel blessed to still be passionate about what we do and have fun doing it. We have so much admiration and respect for our “Too Faced Girl” and with General Atlantic’s partnership, we’re excited to continue making high quality makeup that she loves to wear.”

Too Faced is known for its quirky packaging, like its Sugar Pop palette shown above, and innovative products like Melted lip color, also shown. The brand has been enjoying record sales. It was the only cosmetics brand that was named to the Top 25 Most Innovative Consumer Brands by CircleUp in Entrepreneur magazine and it continually ranks in the top five on Tribe Dynamics’ Earned Media Value Leader Board.

“Too Faced is one of the largest independent cosmetic brands with phenomenal momentum led by an outstanding and deep management team,” said Andrew Crawford, Managing Director and Global Head of General Atlantic’s Retail & Consumer sector.

Jeff Mills, Managing Partner of Main Post Partners and a partner with Weston Presidio, added, “We couldn’t be more proud of the entire Too Faced team who, alongside our adviser Michael McNamara, quadrupled the size of the business during our investment term to build the leading independent color brand. We are delighted that they have found a new, world-class partner to take the business to even higher heights.”