Bertram Capital to Exit Paula’s Choice

FOSTER CITY, CA: June 23, 2021 – Bertram Capital (“Bertram”), in conjunction with TA Associates, announced the signing of a definitive agreement to sell Paula’s Choice (the “Company”), a leading digital-led skin care brand, to Unilever, one of the world’s leading suppliers of Beauty & Personal Care, Home Care, and Foods & Refreshment products.  The transaction is expected to close in the third quarter of 2021. Terms of the transaction were not disclosed.

In 2012, Bertram Capital partnered with Paula Begoun, internationally renowned beauty expert and founder of Paula’s Choice, to become the Company’s first institutional investor.   Under Bertram’s stewardship, Paula’s Choice grew into one of the largest digitally native beauty brands in the world.   Bertram subsequently recapitalized the Company in 2016 with TA Associates.  Today the business has a broadly diversified geographic reach, a methodically curated product offering, and a loyal customer base supported by a global direct-to consumer (“DTC”) model.  

“Bertram and its in-house technology team, Bertram Labs, were the ideal partner for Paula’s Choice when we sought our first outside investor. Together we’ve achieved more than I ever thought possible,” said the Company’s founder, Paula Begoun.  “The Bertram team, led by Ryan Craig and Tom Beerle, put us on a path that led to this exciting new chapter with Unilever.”

“We are grateful to have found a partner the caliber of TA Associates and Jeff Barber, who had the vision and resources to help bring Paula’s Choice radically truthful brand of skin care to the world,” said Ryan Craig, Partner at Bertram Capital.  “TA Associates and the Company’s management team, led by its CEO, Tara Posely, helped us fully realize the potential of Paula’s Choice and its unique digital platform.”

Bertram would like to recognize Financo Raymond James (lead), Morgan Stanley & Co. LLC and Piper Sandler & Co. for their role as financial advisors to the transaction.


About Bertram Capital

Bertram Capital is a private equity firm targeting investments in lower middle market companies. Since its inception in 2006, the firm has raised over $2.2B of capital commitments. In addition to supplying strategic growth capital, Bertram Capital leverages proprietary processes and services, Bertram High-5sm and Bertram Labsto empower its portfolio companies to unlock their full business potential. The Bertram High-5sm is an operationally-focused value creation strategy, which includes management augmentation, operational initiative implementation, complementary business acquisition, sales and marketing improvements, and leveraging technology and IP. The cornerstone of this strategy is Bertram Labs, its in-house technology team, which drives growth and value through digital marketing, e-commerce, big data and analytics, application development, and internal and external platform optimization. Visit for more information.


For Bertram Capital, please contact:

David Hellier, Partner