January 2023Berkshire Partners Sells Stake in Mielle to Procter & Gamble
CHICAGO -- January 12, 2023 -- Berkshire Partners has sold its stake in Mielle, the fast-growing, innovative, and community-focused textured hair care company, which joins P&G Beauty, pending regulatory approval.
In March 2021, Berkshire Partners made an investment in Mielle to further support its effort to bring more healthy hair products to textured hair consumers.
“From the beginning of our partnership, we knew Mielle was an extraordinary business with incredible leaders addressing an underserved category,” said Marni Payne, Managing Director at Berkshire Partners. “Mielle is a high-growth brand with passionate founders, a strong consumer connection, and deep community ties that go beyond their products. We feel honored to have been their partner through this exciting chapter.”
Berkshire Partners’ collaboration with Mielle’s co-founders Monique and Melvin Rodriguez enabled the company to scale into a leading brand and increase access to healthier hair products for textured-hair consumers, globally.
“Our partnership with Berkshire Partners was the perfect fit for our brand because our values were aligned from day one,” said Mielle CEO and co-founder, Monique Rodriguez. “Their commitment to helping us realize our vision for Mielle came through both strategic and operational support. They have a deep passion for brands and a true culture of collaboration. As a founder, I could not have asked for a better partner. It is with Berkshire’s support that I was able to realize my dream of partnering with P&G Beauty to continue the cycle of investment in Black entrepreneurs and mentorship through Mielle Cares.”
Mielle COO and co-founder, Melvin Rodriguez, added, “Through our partnership with Berkshire, Mielle was able to meaningfully scale production and infrastructure, launch new collections and categories, and expand geographic and channel distribution in under two years. We’ve grown our team, we’ve gotten our healthier hair products into the hands of more consumers, and we’ve continued to reinvest in our local communities through employment opportunities and by supporting other founders of color. For us, this journey started in a garage nine years ago. Today, we are thankful to all our partners for helping us get to where we are and look forward to what the future holds for Mielle.”
Financo | Raymond James and William Blair & Company acted as financial advisors to Mielle.
About Berkshire Partners
Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity. The firm’s private equity team invests in well-positioned, growing companies across communications & digital infrastructure, consumer, healthcare, services & industrials, and technology. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. For additional information about Berkshire Partners’ deep experience in consumer and other industries, please visit www.berkshirepartners.com.
About Mielle Organics
Founded in 2014 by CEO Monique Rodriguez, Mielle Organics is a popular Black-owned, woman-led global beauty brand that is rooted in natural ingredients. With a heavy emphasis on incorporating healthier ingredients as its "root to results," Mielle Organics' collection of beauty products is designed for all hair types. Their products can be found in more than 100,000 stores across the U.S. in retailers such as Ulta Beauty, Sally Beauty, Target, CVS, Rite Aid, Walgreens, and Walmart.