NEW YORK and GREENWICH, Conn., Aug. 12, 2020 /PRNewswire/ -- Public Goods (the "Company"), the digitally native, membership driven, one stop shop that offers high-quality, sustainable essentials across grocery, household, and personal care, today announced that it has received a significant strategic investment from the Growth Fund of L Catterton, the largest and most global consumer-focused private equity firm. Terms of the transaction were not disclosed.
Launched in 2017, Public Goods offers members access to a line of thoroughly researched, high-quality essential products that are well-designed, eco-friendly, and at competitive price points. Through a $59 annual membership, consumers can purchase products at wholesale prices and through direct-to-consumer and wholesale channels. The Company has experienced significant growth as demand for e-commerce rises, with sales increasing more than 5x since February 2020.
The L Catterton investment further accelerates the Company's growth by supporting the roll out of new product categories and expansion into more marketing channels, with a focus on driving customer acquisition. In addition to this investment, the Public Goods team has announced its first ever retail distribution at CVS Pharmacy, which will increase accessibility of its products at 2,000 locations nationwide. Later this month, the Company expects to launch a new product category for pets.
"Excitement is reverberating throughout the Public Goods team," said Morgan Hirsh, Public Goods Founder and Chief Executive Officer. "We've always had a big vision, and we've been able to accomplish a lot with our small, highly dedicated team. As we look to the future, L Catterton has the capital, resources, and experience to help us achieve our next phase of growth and deliver more of the high-quality products and benefits that our members have come to expect."
"Public Goods' model capitalizes on several compelling trends including consumers' heightened focus on healthy living and a preference for clean, sustainable, and ethically sourced products," said Chris Roberts, Partner at L Catterton Growth Fund. "With a broad product offering and demonstrated demand across a wide range of personal care and household essentials, Public Goods has differentiated itself as a one-stop shop and offers an accessible and affordable solution to members across the country. We are pleased to be working with their talented team to attract new customers and expand its product offering."
L Catterton has significant experience investing globally in differentiated consumer brands including those with a focus on sustainability. Current and past investments include Nutrafol, Tula, ThirdLove, Rhone, Zarbee's, and Home Chef.
About Public Goods
Public Goods is a direct-to-consumer brand delivering essentials across several categories, united by a set of values including the environment, health, quality, beauty, simplicity, and accessibility.
Public Goods products are available at PublicGoods.com and personal care and grocery best sellers can be found at 2,000 CVS Pharmacy stores. To learn more about Public Goods, visit PublicGoods.com and follow them on Instagram and Facebook.
About L Catterton
With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton's team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com.
Kate Thompson / Julia Sottosanti
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Public Goods and L Catterton