General Atlantic Service Co. LP is buying a majority stake in beauty company Morphe for an undisclosed sum, subject to regulatory approval.
The growth equity firm is partnering with existing Morphe backer Summit Partners LP and co-founders Chris and Linda Tawil on the investment. The co-founders will continue on Morphe's board and remain actively involved in the business.
Morphe CEO Myles McCormick and other members of the existing management team will remain. General Atlantic Managing Directors Andrew Crawford and Andrew Ferrer will join Morphe's board, alongside Summit Partners. All existing Morphe stockholders will maintain shares in the business.
Morphe will use the investment to advance its growth and develop the business into a global beauty platform.
Jefferies was the exclusive financial adviser to Morphe and led the financing of the deal. Kirkland & Ellis LLP advised Morphe, while Paul Weiss Rifkind Wharton & Garrison LLP advised General Atlantic.
