TerraVia To Sell Major Stake In Algenist Skincare Brand To Tengram Capital

(RTTNews) - TerraVia Holdings, Inc. (TVIA), a food, nutrition and specialty ingredients company, announced Thursday that it has entered into a definitive agreement to sell a majority interest in the Algenist skincare brand to private equity firm Tengram Capital Partners.

As part of the transaction, Tengram and TerraVia have also formed a partnership focused on leveraging TerraVia's innovative algae-based ingredient platform and Tengram's brand-building and investment expertise to pursue new opportunities in the beauty industry.

Algenist is a prestige beauty brand, developed by TerraVia and launched in 2011. It delivers anti-aging and color correcting innovation based on a suite of TerraVia's proprietary algae-based ingredients including Alguronic Acid and microalgae oil.

Upon the close of the transaction, TerraVia will retain an ownership interest in Algenist of approximately 20% and will continue to supply active ingredients formulated in the Algenist product line. As part of the transaction, Tengram will also contribute significant capital to the business to accelerate broader commercialization. At close, TerraVia will receive approximately $20 million.