TSG Consumer to Acquire PHLUR
Partnership to accelerate category-defining fragrance innovation and broaden consumer reach
SAN FRANCISCO & LOS ANGELES – July 22, 2025 – TSG Consumer, a leading private equity firm specializing in consumer brands, today announced it has signed a definitive agreement to acquire PHLUR, a modern fragrance brand recognized for its emotion-led storytelling and accessible positioning. Chriselle Lim, Creative Director, will continue in her role and retain a meaningful stake alongside Ben Bennett’s The Center, a renowned beauty accelerator that partnered with PHLUR in 2021. Prelude Growth Partners will exit its investment in PHLUR as part of the transaction.
PHLUR has built a loyal community through sophisticated, sensorially rich fragrances crafted in collaboration with master perfumers. Known for bestsellers like Vanilla Skin, Heavy Cream, and Missing Person, the brand has scaled rapidly through PHLUR.com and retail partners including Sephora, Amazon, and Space NK.
“We’ve always believed fragrance is a deeply personal form of self-expression,” said Chriselle Lim, Creative Director of PHLUR. “Our community values transparency, creativity, and emotional connection. TSG Consumer shares those values, and we’re thrilled to partner with them for this next chapter.”
“TSG Consumer’s expertise in brands and understanding of the beauty space make them an ideal partner,” said Elizabeth Ashmun, CEO of PHLUR. “We’re grateful to The Center and Prelude Growth Partners for believing in us early on, and we’re now poised to accelerate PHLUR’s reach while continuing to champion the creativity that has always set us apart.”
“PHLUR’s commitment to authenticity, emotional storytelling, and modern scent creation makes it a standout in today’s fast-growing fragrance market,” said Hadley Mullin, Senior Managing Director at TSG Consumer. “We’re excited to support PHLUR’s continued growth by expanding its presence across geographies and product categories while preserving the creative vision and emotional resonance that define the brand.”
Colin Welch, Managing Director and Head of New York at TSG Consumer, added, “Today’s fragrance shopper is looking for more than scent—they’re seeking identity, emotion, and discovery. PHLUR’s rapid growth and devoted customer base reflect its remarkable ability to meet that demand. Together, we will work to drive continued loyalty with existing consumers and introduce new fragrance lovers to the brand.”
Ben Bennett, Founder and CEO of The Center, added, “PHLUR’s journey has been extraordinary, and we’re proud to have supported its growth. We look forward to continuing that success with TSG Consumer’s partnership.”
Neda Daneshzadeh, Co-Founder and Managing Partner at Prelude Growth Partners, added, “We have been so proud to support PHLUR on its remarkable journey and we look forward to seeing all they will accomplish.”
Raymond James served as the exclusive financial advisor to PHLUR and Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo P.C. and Polsinelli P.C. served as legal counsel. Ropes & Gray LLP provided legal counsel to TSG Consumer. Financial terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and regulatory approval.
About TSG Consumer
Founded in 1986 and focused exclusively on the consumer sector, TSG Consumer Partners, LP is a leading specialist private equity firm with approximately $13 billion in assets under management. TSG Consumer invests in exceptional leaders and transformational brands, supporting their growth and ability to adapt to the ever-evolving needs of today’s consumers. Representative past and current partner companies include Canyon Bicycles, Chemical Guys, Dutch Bros Coffee, e.l.f. Cosmetics, EoS Fitness, IT Cosmetics, Mavis Tire, Planet Fitness, Revolve, Smashbox Cosmetics, Summer Fridays, Think!, and Yard House. TSG Consumer has investment offices in San Francisco, New York, and London. For more information, please visit tsgconsumer.com.
About PHLUR
Mindfully formulated. Radically transparent. Responsibly sourced. PHLUR creates modern fine fragrances – meticulously crafted by world-class perfumers. Fragrances are inspired by memories, moments, experiences and feelings – those that are intimately personal and universally shared. To view products and for more information, visit www.phlur.com.
About The Center
The Center is a next-generation beauty accelerator founded by industry visionary Ben Bennett. With a focus on identifying white space, trend forecasting, building disruptive brands, and supporting emerging founders, The Center provides a strategic, capital-efficient path to scale. Unlike traditional incubators, The Center operates as a true co-builder—offering hands-on brand development, operational infrastructure, creative direction, and go-to-market expertise from concept through growth. Its portfolio includes standout brands such as Saltair, Prequel, CYKLAR, MAKE Beauty, Proper and Naturium (acquired by e.l.f. Beauty in 2023). The Center continues to shape the future of beauty through thoughtful innovation, founder partnership, and commercially minded brand building.
About Prelude Growth Partners
Prelude Growth Partners is a leading consumer-focused growth equity firm that supports brands made for the new modern consumer. By partnering with founders and CEOs, Prelude Growth Partners provides deep category experience, value-added operational support, and a broad network to power the high potential, fast-growing consumer brands of tomorrow. Prelude Growth Partners seeks to make investments of $10 million to $50 million in each company, across branded consumer categories including beauty, food & beverage, health & wellness, pet and other consumer product and service companies. Representative past and current partner investments include: Summer Fridays, Naturium, Sol de Janeiro, Made Good, Banza, Bachan’s, So Good So You, Skin Pharm, Blueland, Fly By Jing and Westman Atelier. For additional information on Prelude Growth Partners, please visit www.preludegrowth.com.
Media Contacts
TSG Consumer
Prosek Partners for TSG Consumer Partners
Pro-TSG-Consumer@prosek.com
PHLUR
LION VIP
phlur@lion-viprelations.com
The Center
LION VIP
jpj@lion-viprelations.com
