Private equity firm TPG Growth has acquired a majority stake in Elf Cosmetics from TSG Consumer Partners LLC.

Elf is a consumer cosmetics brand that sells cosmetics, tools and accessories. The brand, which was started in 2004, sells cosmetics starting at $1. Terms of the deal were not disclosed.

TSG, a San Francisco-based PE firm, invested in Elf in 2011.

TPG Growth, headquartered in Fort Worth, Texas, is the middle market investment arm of private equity firm TPG. TPG Growth has $3.6 billion in capital under management. The firm recently acquired a chain of Papa John’s restaurants, in January. 

Financo was financial adviser to Elf and TSG.

Kirkland & Ellis LLP provided legal advice to TPG, while Sidley Austin LLP was TSG’s legal counsel. Sills Cummis & Gross PC acted as Elf’s legal adviser. 

Financial services industry