Dive Brief:

• Investment firm Blackstone announced that funds managed by Blackstone Growth have agreed to buy a majority stake in Supergoop, according to a company press release.
• Supergoop founder Holly Thaggard, CEO Amanda Baldwin and the current senior management team will retain a "significant" equity ownership in the company.
• Blackstone's investment will help Supergoop launch new products, educate consumers and expand internationally, according to the company.

Dive Insight:

Thaggard founded Supergoop more than 15 years ago with the goal of eradicating skin cancer by making sunscreen products consumers actually wanted to wear.

Over the years, the brand has expanded its offering to nearly 50 formulas, including its Glow Oil, Shimmershade eyeshadow and Unseen Sunscreen — all created with SPF.

Amanda Baldwin stepped into the CEO role this past January after serving as the company's president for about five years. Baldwin came to Supergoop with experience from beauty giants LVMH and Estée Lauder, but also from private equity firm L Catterton. Baldwin's time at the latter provided her with the financial knowledge to help grow Supergoop profitably, she told Retail Dive earlier this year.

"We are on an incredible journey at Supergoop! and are excited for the road ahead," Baldwin said in a statement Monday. "As we look forward to the future, we wanted a partner who could help us drive the business to reach the next level."

The deal also comes amid a wave of exits among DTC brands this past year. Allbirds, Warby Parker and Rent the Runway all filed paperwork to go public this year; razor brand Billie and Beyond Yoga were both acquired; and shoe brand Rothy's, on the same day as Supergoop's announcement, agreed to sell a 49.9% stake in its business to Alpargatas.

Since 2010, acquisitions have remained the most popular exit avenue among direct-to-consumer brands, according to data provided by PitchBook. As of Aug. 3, 66 U.S. DTC brands exited via acquisition, while 38 exited via buyout and 19 exited through an IPO.

Acquiring a majority stake in Supergoop adds to Blackstone's growing portfolio of female-founded investments. Earlier this year, the investment firm acquired a majority stake in Spanx, valuing the womenswear brand at $1.2 billion. Blackstone has also backed online dating app Bumble and media company Hello Sunshine.