NEW YORK and SAN FRANCISCO, July 19, 2018 /PRNewswire/ -- Privé Revaux Eyewear ("Privé Revaux"), the affordable, high quality fashion eyewear brand founded by Jamie Foxx, Hailee Steinfeld, Ashley Benson, Dave Osokow and entrepreneur David Schottenstein, and TSG Consumer Partners ("TSG"), a leading private equity firm focused exclusively on the branded consumer sector, today announced that TSG has acquired a significant minority stake in Privé Revaux, coinciding with the first anniversary of the Company's launch. Financial terms of the transaction were not disclosed.
Founded in June 2017, Privé Revaux was built on a shared passion for style and quality with the goal of disrupting the eyewear industry and making premium sunglasses accessible to everyone. Privé Revaux's elite founding team, supported by VP of Celebrity Relations Dave Osokow and Creative Directors Rob Zangardi and Mariel Haenn, have done just that. Launched as an e-commerce and direct-to-consumer platform providing affordable, high quality and on-trend eyewear, Privé Revaux has rapidly expanded into fully immersive brick-and-mortar locations, branded kiosks, pop-up shop concepts in major department stores and retailers including Nordstrom, Express, American Eagle, QVC, DSW and many others. In addition, it recently strengthened its product portfolio with the launch of its celebrity capsule collections, in collaboration with celebrities such as Riverdale Star Madelaine Petsch.
"When it comes to consumer-facing private equity, TSG is the gold standard having backed leading brands like REVOLVE, vitaminwater, Smashbox Cosmetics, Huda Beauty, IT Cosmetics and PAIGE," said David Schottenstein, Founder of Privé Revaux. "Privé Revaux is one of the youngest brands to ink a deal with TSG, and this partnership will enable us to continue growing at a remarkable rate and accomplish goals that we never thought possible at such an early stage. I have no doubt that over the next few years, Privé Revaux will firmly position itself as a powerhouse in the affordable luxury market."
Jamie Foxx, Partner at Privé Revaux, added, "Collaborating with TSG is an honor. One look at their portfolio and you know these guys mean business. I couldn't be more excited about Privé Revaux's future."
"We are thrilled to partner with David and the entrepreneurial team at Privé Revaux," said Blythe Jack, Managing Director at TSG. "Privé Revaux's dynamic mix of omni-channel distribution, high-quality affordable products and effective influencer marketing has quickly proven to be a disruptive force in the eyewear space – selling more than 1 million pairs of sunglasses in its explosive inaugural year. The company is clearly poised for significant global growth, and we're incredibly excited to collaborate with Privé Revaux as it looks to further accelerate its rapid adoption by fashion-forward consumers worldwide."
ROTH Capital Partners, LLC acted as financial advisor to Privé Revaux and Holland & Knight LLP and Schenck, Price, Smith & King LLP acted as legal advisors. Ropes & Gray LLP acted as legal advisor to TSG.
About Privé Revaux Eyewear
Privé Revaux Eyewear was established to disrupt the eyewear market as a purveyor of quality goods at a great value. It was built on a shared passion for style and quality from serial entrepreneur David Schottenstein along with an elite team including celebrity visionaries Jamie Foxx, Hailee Steinfeld and Ashley Benson as well as VP of Celebrity Relations Dave Osokow and Creative Directors Rob Zangardi and Mariel Haenn. With more than 100 hand-crafted and polarized designer frames for $29.95, everyone can be anyone. Each style is named to evoke a personality, from The Artist and The Socialite to The Boss and The Godfather. Privé Revaux Eyewear is available on priverevaux.com, amazon.com and select retailers. For more information, visit www.priverevaux.com.
About TSG Consumer Partners
TSG Consumer Partners, LLC is a leading private equity firm focused exclusively on the branded consumer sector. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, beauty, personal care, household, apparel & accessories, and e-commerce sectors. Representative past and present partner companies include Duckhorn Wine Company, Planet Fitness, IT Cosmetics, REVOLVE, HUDA Beauty, BrewDog, Canyon Bicycles, Pabst, Backcountry, vitaminwater, thinkThin, popchips, Stumptown, Smashbox Cosmetics and e.l.f. Cosmetics. For more information, please visit www.tsgconsumer.com.
SOURCE Privé Revaux