Lime Crime, a brand known for trendsetting makeup in vibrant colors, has been acquired by the private equity firm Tengram Capital Partners. Stacy Panagakis, formerly general manager of Fresh, also joins as Chief Executive Officer.
Lime Crime's products are cruelty-free and vegan, and the brand was founded by entrepreneurs Doe Deere and Mark Dumbelton in 2008. The digitally native brand built a cult following online, and is now sold at leading retailers around the world.
The Tengram acquisition will support Lime Crime's growth strategy, the company says, while creating more ways for its passionate consumer base to experience the brand's unique products and signature "whimsical universe."
A digital-first company, Lime Crime will continue to focus on its flagship Limecrime.com, while also pursuing select retail partnerships.
Richard Gersten, partner at Tengram, says, "Lime Crime is truly unique among beauty brands, with a powerful following...We have tremendous appreciation for what the team has built over the past ten years...Lime Crime's authenticity and innovation stands above the rest...we look forward to leveraging our experience to help the team achieve its growth prospects."
Effective June 18, Stacy Panagakis will join Lime Crime as Chief Executive Officer, bringing invaluable industry experience and a proven track record of successfully scaling beauty brands. Most recently, Panagakis served as General Manager of Fresh, where she built the North America affiliate within the Global Fresh structure.
Panagakis comments, "Lime Crime is a millennial brand with a message that resonates with women everywhere – 'it's OK to be bold, experiment and have fun'...As we expand the brand's footprint and offerings, Lime Crime will continue to be a brand that stands apart, fulfilling its mission to revolutionize makeup, empower women and smash traditional boundaries."
Panagakis will work alongside chief creative officer Sasha Valentine, an eight-year veteran of the brand. Deere, Lime Crime's co-founder and "forever muse," has transitioned out of day-to-day operations and has joined the Board of Directors.
Doe says, "I founded Lime Crime on the belief that beauty is a form of freedom. We should all be allowed to express ourselves unapologetically. Over the last decade, unicorns all over the globe have taken that idea and made it their own, propelling us to where we are today. I am so proud of what we've built together and am confident Stacy, Sasha and the team will continue to build on this foundation to take Lime Crime to a whole new level."