e.l.f. Beauty (NYSE: ELF) has announced it has signed a definitive agreement to acquire Naturium, a fast-growing, high-performing skin care brand for US$355 million in a combination of cash and stock, furthering its mission to make the best of beauty accessible to every eye, lip, face, and skin concern. The deal is expected to double e.l.f. Beauty’s presence in skin care to approximately 18% of retail sales. The transaction, which is subject to customary closing conditions, is expected to close around September 30, 2023.

Latham & Watkins LLP advises e.l.f. Beauty in the transaction with a corporate deal team led by Bay Area partners Mark Bekheit and Tad Freese, with associates Lauren Lefcoe, Christopher Lim, and Justin Tzeng. Advice was also provided on securities matters by Bay Area partners Kathleen Wells and Richard Kim, with associate Raul Gonzalez; on executive compensation, employment, and benefits matters by Bay Area partner James Metz, with associate Julia Lee; on tax matters by Bay Area partner Grace Lee, with associate Gregory Conyers; on antitrust matters by Bay Area partner Kelly Fayne, with associate Charlotte Young; on insurance matters by Los Angeles associate Harrison White; on intellectual property and data privacy matters by Bay Area partner Michelle Gross, with associates Adriana Beach, Andrew Abokhair, and Zac Alpert; on anticorruption matters by Bay Area partner Scott Joiner; on export control matters by Washington, D.C. counsel Ruchi Gill, with associate Jessie Michelin; and on FDA regulatory matters by Washington, D.C. counsel Chad Jennings.