E.l.f. Cosmetics, which was acquired by TPG Growth on Feb. 3, announced that it has appointed consumer products veteran Tarang P. Amin as President, Chief Executive Officer and Director effective immediately. Amin replaces former CEO Joey Shamah, who will continue as a significant investor and Director and will maintain an ongoing management role in the company. Most recently, Tarang served as President, Chief Executive Officer and Director of Schiff Nutrition. Under his leadership, Schiff’s enterprise value grew from $190 million to $1.5 billion over two years.

TPG Growth, the middle market and growth equity investment platform of TPG, also announced other key additions to its management team effective immediately, including Richard F. Baruch Jr., Senior Vice President, Chief Commercial Officer; Erin Daley, Senior Vice President, Chief Marketing Officer; Scott K. Milsten, Senior Vice President, General Counsel; and Megan O’Connor, Vice President, Digital.

While terms of the acquisition were not disclosed, reports on TPG’s website valued the deal at $300 million. E.l.f. is a fast-growing value beauty brand, one that launched online in 2004 with 13 eye, lip and face products. Its early adoption of ecommerce and social media platforms gave it an edge against other beauty brands playing in the realm. In 2012, when the brand generated about $120 million in sales, 63% of which came from online, the brand made a push toward brick and mortar distribution and created the role of Vice President of Retail Sales to grow its retail presence by 35% for the year. E.l.f is currently sold in Target, Kmart, Wal-Mart and Walgreens. Additionally, the brand opened up a flagship location in Manhattan in 2013, a store that showcases the brand’s high quality, value-priced cosmetics and beauty tools.

TSG Consumer Partners, a strategic equity investor in high-growth brands, invested in e.l.f. in January 2011. Reports have been circulating for the past 12 months that e.l.f. was on the market.

“Our team is proud of what we have built and are extremely excited to have a value-added partner like TPG Growth to help us scale the business,” said Joey Shamah, co-founder of e.l.f. Cosmetics. “Their track record in building consumer businesses, international distribution relationships, e-commerce capabilities, global operational resources and access to incremental talent make them an ideally suited partner for our company. We are very excited to build upon our strong foundation and deliver even more value to our consumers and retail partners.” TPG said that e.l.f.’s existing management would continue to have “a meaningful investment in and an ongoing role with the company.”