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Winona Capital’s Ancora invests in natural luxury cosmetic brand Vapour Organic Beauty

Ancora Investment Holdings has invested in Vapour Organic Beauty, a natural luxury cosmetic brand. No financial terms were disclosed. Ancora was co-founded by Winona Capital.


TAOS, N.M. and CHICAGO, July 23, 2018 /PRNewswire/ — Ancora Investment Holdings, a new generation of investor redefining the growth model for nascent brands, announced today that it has invested in natural luxury cosmetics brand, Vapour Organic Beauty. Ancora was founded through a partnership between leading beauty industry veterans, Lori Perella Krebs and Nicky Kinnaird, and consumer private equity firm, Winona Capital. The partnership offers a unique mix of brand building, financial acumen and operational expertise combined with entrepreneurial passion, creator appreciation and love of innovation.

Ancora offers a unique platform to partner with global health, beauty and wellness brands that have an authentic voice and raison d’être. Through its unique business model, Ancora nurtures early stage brands by providing operational and strategic guidance fueled by capital to empower founders and entrepreneurs to exceed their dreams.
Vapour marks Ancora’s second investment in clean beauty, solidifying Ancora’s strong commitment to the category.

“We are committed to supporting creators of truly authentic, difference-making ideas and brands in the health, beauty and wellness realms. We are in this to break new ground and change the game” said Lori Perella Krebs and Nicky Kinnaird, founding partners of Ancora Investment Holdings. “Ancora is excited to work with brands that are championing the shift in the industry. Brands like Vapour that have the potential to be a truly authentic, authoritative voice in the clean color cosmetics arena.”

Founded by category pioneers, Krysia Boinis and Kristine Keheley, Vapour is a luxury natural color cosmetics brand that prioritizes personal and planetary health. Firmly committed to sophisticated performance, clean ingredients, integrity, transparency and sustainability, Vapour’s mission is to elevate inclusive organic beauty across the spectrums of age, race and gender.

“Partnering with Ancora is a dream come true. Our creative bond is powerful, and we are well matched with a mutual passion for excellence” said Vapour co-founder Kristine Keheley. “With Ancora we have chosen true partners who are as committed to the Vapour brand vision as we are. We’re elated to have the opportunity to evolve and expand Vapour with these amazing women” added co-founder Krysia Boinis.

About Vapour Organic Beauty
Vapour Organic Beauty is a progressive indie cosmetics brand with a modern point of view. Thought Leaders with an unwavering commitment to personal health, product purity, sustainability and performance, Vapour is actively reinventing beauty. Acknowledged since inception for leading innovation among luxury natural beauty brands, Vapour launched with 33 products in 2009. Its offering has grown to 180 skus. Vapour’s high-performance formulas combine exceptionally pure, antioxidant botanicals with a universally flattering color palette. Vapour is especially known for radiant complexion products and its award winning natural deodorant AER. For more information, please visit

About Ancora Investment Holdings
Based in Chicago, New York and London, Ancora knows how to support leaders. Its principals, Lori Perella Krebs and Nicky Kinnaird, bring decades of developmental experience within the beauty industry. Lori, former President of Fekkai and SVP during Joint Venture with Chanel, has built her career working with a variety of companies, from public and privately held to family- owned and personality brands. Nicky, founder of global retail concept, Space NK is a visionary entrepreneur and beauty guru. Ancora’s financial partner, Winona Capital, is a seasoned private equity investor with a strong track record of building businesses through sound decision-making and operational excellence. Ancora’s first investment was Indie Lee, a clean eco-chic skincare line whose products are grounded in nature, supported through science and inspired by life. For more information, please visit

About Winona Capital

Winona Capital provides acquisition and growth capital in lower middle-market consumer and retail companies that have attractive revenue and brand enhancement opportunities. Winona partners with high energy, passionate executives who have a shared focus on building great brands with sustained growth over long-term investment horizons. Winona Capital manages more than $300 million on behalf of its family office and institutional investors. For more information, please visit