Castanea Partners has invested an undisclosed amount in Thymes, which makes fragrances for bath, body and the home. Other investors in the transaction included Stanfield Capital, RCPDirect II LP, Northstar Mezzanine Partners VI, LP and management. Troy Stanfield, of Stanfield Partners and formerly of Castanea, organized the syndicate of additional investors for the deal. Stanfield will join Thymes’ board.
Castanea Partners announced today that it has invested in Thymes, a company that creates and markets unique, branded fragrances across the bath & body and home fragrance categories.
Originally founded in 1982 and headquartered in Minneapolis, Minnesota, Thymes creates highly curated fragrance collections with product lines that include body and hand lotions, bar soaps and bubble baths, candles, fragrance mists, potpourris, reed diffusers, and refresher oils. Thymes is seen as a premium and innovative brand that has a unique consumer appeal. The company is also home to one of the most recognizable and proven home fragrances, Frasier Fir. Thymes products are sold in over 5,000 specially retail locations in the United States.
“Thymes is an exciting opportunity in the branded personal care and beauty space, an area of focus for us,” said Robert Smith, Managing Partner at Castanea. “The company is at a stage in its development where our sector expertise and operating experience will add value as Thymes pursues its growth potential. We look forward to working closely with Anne and the Thymes team to support the company’s continuing growth.”
Anne Sempowski Ward, CEO of Thymes, said: “This strategic alliance with Castanea Partners will advance Thymes’s plans of continued expansion into select premium and specialty distribution channels, and significantly contribute to the next level of our success.”
Troy Stanfield, of Stanfield Capital and a former partner at Castanea, will be joining the board of Thymes, having organized a syndicate of other investors including Stanfield Capital, RCPDirect II LP, Northstar Mezzanine Partners VI, LP, and management.
Said Troy Stanfield: “I’m very excited to partner with my old team at Castanea and look forward to working closely with Anne and the Thymes team.”
Terms of the transaction were not disclosed.
Castanea Partners is a middle-market consumer-focused private equity firm founded by operating executives and private equity professionals. The firm partners with promising small to middle-market companies in branded consumer products and services, including companies in the branded personal care and beauty sectors.
Castanea typically invests between $15M-$75M of equity in businesses where we have investing and operating expertise. Castanea has over $1B under management and is currently investing from a $600 million fourth fund.
More information about Castanea Partners is available at www.castaneapartners.com.
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