Tru Fragrance & Beauty has recently undergone a significant change in ownership. Monogram Capital Partners, a Los Angeles-based private equity firm, has acquired a majority stake in the company. The specific terms of the deal have not been disclosed.
Monogram Capital Partners is no stranger to the beauty industry, having previously led a $10 million series A funding round for Live Tinted, spearheaded by Deepica Mutyala. Additionally, they have maintained a minority stake in D.S. & Durga following the fragrance brand’s acquisition by Manzanita Capital. With their wealth of experience in high-growth, middle-market consumer packaged goods (CPG) companies, Monogram Capital Partners is uniquely positioned to provide operational expertise and drive Tru Fragrance & Beauty’s growth.
Tru Fragrance & Beauty is said to be a leading manufacturer and distributor in the beauty, fragrance, lifestyle and wellness categories in the U.S., with a range of brands including Le Monde Gourmand, Undone Beauty and Lake & Skye, as well as Yellowstone and American Eagle house branded fragrances and other licensed fragrance lines. Currently, it has partnered with several retailers such as ULTA, Nordstrom and Target.
Eric Bilenko, who assumed the role of CEO of Tru Fragrance in December, expressed enthusiasm about the partnership with Monogram Capital Partners. He stated that the firm’s operational know-how would accelerate their learning curve and support the evolution of their platform. Bilenko has an extensive history with Tru Fragrance, having served as COO, principal, and president over the course of his 15-year tenure at the company, which was founded in 1969.
Tru Fragrance has undergone a strategic shift, moving away from primarily being a private-label fragrance manufacturer. Instead, they are focused on developing in-house brands and securing fragrance licenses. This transition played a pivotal role in attracting Monogram Capital Partners to the company. Oliver Nordlinger, co-founder of Monogram, emphasized their intention to establish Tru Fragrance & Beauty as a fragrance specialist, spanning perfume, hand and body products, and home fragrance, particularly candles.
In recent months, Tru Fragrance’s flagship masstige fragrance brand, Le Monde Gourmand, expanded its distribution to 700 Ulta Beauty stores, joining its existing presence in Urban Outfitters and Nordstrom Rack. The next step involves increasing the retail presence of Lake & Skye, with availability planned at Ulta, Nordstrom, and Bluemercury. While neither Bilenko nor Nordlinger commented on Tru Fragrance’s sales performance, industry sources estimate that the company is on track to surpass $100 million in sales in 2024.
With the infusion of capital from Monogram Capital Partners, Tru Fragrance aims to invest in retail expansion across both new and existing retailers. They also plan to strengthen their core brands. Looking ahead, the company envisions potential acquisitions, with a specific focus on fragrance-oriented, consumer-focused brands. Bilenko expressed their eagerness to grow their existing brands and highlighted how Monogram’s involvement would enable them to actively pursue mergers and acquisitions. Nordlinger added that while there may be some mergers and acquisitions or new brand launches in 2024, it is more likely to be a trajectory for 2025 and beyond.
