Alba’s Honest Co. lands $200M from Greenwich firm
The Greenwich private equity firm L Catterton is investing $200 million in The Honest Company, the consumer brand created in 2012 by actor Jessica Alba that sells a range of personal care and infant products.
With the new funding under CEO Nick Vlahos, the Los Angeles-based Honest Company plans to launch 80 new products this year.
’“It has always been my dream to grow The Honest Company into a global brand,” Alba said in a prepared statement. “Our mission from day one has been to empower people to live happy and healthy lives, and we are always in search of new ways to bring that to life.”
Under managing partners Michael Chu and Scott Dahnke, L Catterton and its predecessor funds have invested in more than 200 companies over 30 years, to include the Connecticut companies Edible Arrangements, PetVet Care Centers, YoCrunch and Rhone which sells apparel for active lifestyles.
According to the Wall Street Journal citing unnamed sources, The Honest Company’s sales totaled about $300 million last year, flat from the year before, with the company’s overall valuation falling below $1 billion. The company replaced former CEO Brian Lee last year with Vlahos, who previously was chief operating officer of Clorox.
Alex.Soule@scni.com; 203-842-2545; @casoulman