The acquisition of clean beauty brand Indie Lee marks the first investment by the newly established beauty and personal care platform Ancora Holdings, founded through the partnership of beauty industry veterans Nicky Kinnaird and Lori Perella Krebs, and private equity firm Winona Capital.
Founded in 2008, Indie Lee is a prestige skin care brand that provides eco-friendly, clean beauty products focused on ingredient transparency and sustainability. Following a health scare caused by topical and toxic skin care products, Indie Lee formed a highly authentic, namesake line of clean beauty products. With prices ranging from $30 to $120, the brand rapidly gained distribution across several hundred prestige retail doors, including Saks Fifth Avenue, Anthropologie, Bluemercury, Credo, and The Detox Market. The brand has doubled in size every year since its inception. The majority investment will support an increased product offering as well as geographical expansion across the U.S. and Europe. Furthermore, it will allow founder, Indie Lee, to focus on social engagement and continued consumer education as the brand drives growth through its expanding social community.
Despite Winona Capital’s proven success across the consumer sector, the formation of Ancora marks the private equity group’s first investment in the beauty and personal care sector. The newly launched platform seeks to focus on beauty and lifestyle with a particular interest in the wellness segment of beauty as the market shifts towards clean products and consumers increasingly link health and beauty.