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Industry Disruptor to Leverage Minority Partner to Accelerate Next Phase of Growth

San Francisco — May 3, 2018 — Rodan + Fields, LLC, the #1 skincare brand in the US1, announced today that TPG Capital, the global private equity platform of alternative asset firm TPG, has made a strategic minority investment in the Company. TPG will take a minority stake and help Rodan + Fields continue to accelerate its next phase of growth as it transforms the skincare industry with its dermatology-inspired skincare products, disruptive consumer connected commerce model and powerful consultant community. Additional terms of the transaction were not disclosed.


Founded by Dr. Katie Rodan and Dr. Kathy Fields with the mission to give people the best skin of their lives and provide an opportunity to empower entrepreneurs, Rodan + Fields is the fastest-growing brand in beauty and personal care in the US2. Rodan + Fields has leveraged innovative products, a high-tech and high-touch business model, and their powerful Independent Consultant network to foster ongoing dialogues, personalized experiences, and a passionate community of brand advocates.


The minority investment by TPG will provide Rodan + Fields with access to best-in-class business building expertise, capabilities and resources as the brand continues its path of disruptive growth domestically and in new markets across the globe. The Founders will remain at the heart of the brand and committed to their vision, while the Company’s Senior Leadership team will keep leading the strategy for growth and day-to-day operations.


“TPG’s successful track record growing iconic brands and their belief in our disruptive model, innovative products and powerful Independent Consultant Community make them an excellent partner,” said Diane Dietz, CEO and President of Rodan + Fields. “We are energized by the opportunities that lie ahead of us as we expand domestically and globally and look forward to optimizing our strengths with TPG’s expertise.”


“As a firm with a history of investing in businesses that are fundamentally changing their industries, we see Rodan + Fields as being at the intersection of emerging consumer trends and technology disruptions,” said Jim Coulter, co-CEO and co-founder of TPG. “This is exactly the kind of partnership we look for — an outstanding brand with proven success, an experienced and talented management team, and significant runway for growth."


Across its funds, TPG has invested in a wide-variety of companies — from Airbnb to Spotify to Life Time Fitness — that have disrupted their sectors. As a founder-led firm, TPG has also partnered with leading entrepreneurs to help them scale their businesses.


Rodan + Fields’ dermatologist-inspired skincare is founded on Multi-Med Therapy, designed to deliver the right ingredients, in the right formulation and in the right order, to achieve visible results. The company has four regimens: REDEFINE, REVERSE, UNBLEMISH and SOOTHE, as well as products that fall in the ESSENTIALS and ENHANCEMENTS categories. The products are sold directly to consumers through a network of more than 200,000 Independent Consultants.


Perella Weinberg Partners LP acted as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati served as Legal Advisor to Rodan + Fields on the transaction. Weil, Gotshal & Manges served as Legal Advisor to TPG.


Following the transaction, Jim Coulter, co-CEO and co-founder of TPG; and Paul Hackwell, TPG Capital sector lead for consumer investments, will join Rodan + Fields’ Board of Directors.


About Rodan + Fields
Rodan + Fields was launched in 2002 and founded by dermatologists Dr. Katie Rodan and Dr. Kathy Fields with the mission of giving consumers the best skin of their lives. The brand is a result of the doctors’ belief that healthy skin empowers people to feel confident. Born in the digital era and designed to directly reach consumers where they live and shop via mobile and social networks, Rodan + Fields is disrupting the industry with its Regimen-based skincare and powerful Consultant community.


About TPG
TPG is a leading global alternative asset firm founded in 1992 with more than $82 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit





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Megan Carroll, Allison+Partners