Beauty company Morphe Holdings, and General Atlantic, a growth equity firm, announced Monday the launch of a new partnership in which General Atlantic will acquire a majority stake in Morphe alongside existing investor Summit Partners and co-founders Chris and Linda Tawil. Additional terms of the deal were not disclosed.

“We are proud of what we have achieved through the success of Morphe Holdings and our marquee brand Morphe,” said Myles McCormick, Chief Executive Officer of Morphe Holdings. “General Atlantic’s investment will position us for our next phase of growth as we continue to grow Morphe and expand to develop a new global platform with a portfolio of next-generation beauty brands.”

Founded as a professional makeup brush company in Los Angeles in 2008 by Chris and Linda Tawil, Morphe has grown into a global beauty brand with a highly engaged and loyal base of customers. Over the past decade, Morphe has expanded its category mix and developed an innovative, influencer-led platform. Morphe’s differentiated offering has earned it a strong following with today’s digitally-focused consumer.

“Morphe Holdings, underpinned by the strength of the Morphe brand, has developed a unique approach that truly resonates with its customer base,” said Andrew Crawford, Managing Director and Global Head of General Atlantic’s Consumer sector. “We see considerable opportunity to leverage this approach into creating a differentiated portfolio of brands and scaling it across channels, geographies and categories.”

Andrew Ferrer, Managing Director at General Atlantic who leads the firm’s beauty investing, added, “We have known Morphe Holdings’ industry-leading management team for years and closely followed the company’s growth. We are thrilled to be partnering with Myles and the team to continue the company’s existing momentum and help build Morphe Holdings into a global beauty platform.”

This is General Atlantic’s third significant investment in beauty and beauty services in the past four years, along with Too Faced, in which the firm sold its stake to Estée Lauder in 2016, and European Wax Center, in which the firm invested in 2018.

Morphe Holdings’ existing management team will remain at the helm of the company. In conjunction with General Atlantic’s investment, Andrew Crawford and Andrew Ferrer will also join the Board of Directors alongside existing investor Summit Partners. Additionally, the Morphe founders, Chris and Linda Tawil, will remain on the Board and heavily involved in the brand. All existing Morphe Holdings shareholders will retain ownership in the company.