SAN FRANCISCO–(BUSINESS WIRE)–TerraVia (NASDAQ: TVIA), a next-generation food, nutrition and specialty ingredients company and pioneer in algae innovation, announced today that it has completed the previously disclosed sale of a majority interest in the Algenist® skincare brand to Tengram Capital Partners, a private equity firm that focuses exclusively on consumer and retail companies that own exceptional, highly recognizable brands.
The transaction proceeds to TerraVia consisted of $20.2 million in cash and approximately 20% of the fully diluted equity of Algenist. As part of the transaction, Tengram also agreed to contribute significant capital to Algenist. TerraVia will use the cash transaction proceeds to further its strategy of commercializing its food, nutrition and specialty ingredients portfolio. As part of the agreement, Tengram and TerraVia have also formed a partnership focused on identifying additional opportunities to utilize algae-based ingredients across all segments of the beauty industry.
Algenist is a prestige beauty brand, developed by TerraVia and launched in 2011, that delivers anti-aging and color correcting innovation based on a suite of TerraVia’s proprietary algae-based ingredients including Alguronic Acid® and microalgae oil. The brand has won broad market recognition, including the prestigious Marie Claire Prix D’Excellence de la Beaute in 2014, and the 2015 Beauty O-wards by O, the Oprah Magazine, and has achieved a global distribution footprint across 23 countries and including major retail channels like Sephora, ULTA and QVC.
About TerraVia
TerraVia is a next-generation food, nutrition and specialty ingredients company that harnesses the power of algae, the mother of all plants and earth’s original superfood. With a portfolio of breakthrough ingredients and manufacturing, the Company is well positioned to help meet the growing need of consumer packaged goods and established and emerging food manufacturers to improve the nutritional profile of foods without sacrificing taste, and to develop select consumer brands. The Company also manufacturers a range of specialty personal care ingredients for key strategic partners. Headquartered in South San Francisco, the Company’s mission is to create products that are truly better for people and better for the planet. For additional information, please visit TerraVia’s website at www.terravia.com.
TerraVia, the TerraVia logo, Algenist®, Alguronic Acid® and other trademarks or service names are the trademarks of their respective owners.
About Tengram Capital Partners
Tengram Capital Partners is a private equity firm that focuses exclusively on leading 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 in both traditional “growth” and “restructuring/turnaround” situations in either the public or private sectors. Current investments for Tengram include Differential Brands Group, Cos Bar, Zanella, This Works, Luciano Barbera, Tommie Copper, Active Ride Shop, DevaCurl, Laura Geller Beauty, NEST Fragrances and Sequential Brands Group. Tengram’s website is http://www.tengramcapital.com.
