An agreement has been signed between Sequoia capital VC fund and Everstone Capital to initiate acquisition process of Faces Cosmetics. The Canada based cosmetics company operates under Everstone Capital and the amount proposed for the deal by Sequoia Capital is still undisclosed.
Sharmila Rajput, head of management team in Faces cosmetics will continue to operate even post acquisition. Also, Rajeev Shukla, Managing Partner in Everstone Capital will continue to be a shareholder in the company, stated company release.
Abhay Pandey, MD at Sequoia capital India Advisors said, The Sequoia team will work with the Faces management to make significant investments and deploy operational expertise to unlock the brands full potential, as well as expand its portfolio and reach.
Sequoia Capital also holds a minority stake in Vini cosmetics and this would be the second acquisition of the company in beauty industry.