Canadian color cosmetics brand Nudestix has been acquired by a U.S.-based private group, it said Friday, although it declined to reveal the buyer.

Other terms of the deal are also unknown, apart from that the brand’s cofounders, mother-daughter Jenny Frankel and Taylor Frankel, will remain with Nudestix.

The Toronto-based brand also said that it acknowledges that the acquisition process “coincided with temporary operational shifts, including limited marketing activity, challenged inventory buys and team restructure.”

Nudestix did not provide a revenue number, but multiple industry sources estimated it to be around $40 million. In 2015, it received a minority investment from private equity firm Alliance Consumer Growth. At the time, this stake was estimated to be around 30 percent.

“This acquisition marks an exciting new chapter for Nudestix,” said Jenny Frankel, cofounder and chief executive officer of Nudestix, of the deal. “By joining forces with a strategic partner that shares our vision, we can accelerate our growth, strengthen our distribution, and continue to lead the Nude Standard of Beauty on a global scale.”

“Building a business is hard, and scaling it and creating a legacy brand is even harder,” added Taylor Frankel, cofounder of Nudestix. “I’m beyond excited about this acquisition as it will help propel Nudestix forward, working with a team that believes in our vision and has the operational expertise and experience to help build a legacy brand.”

Founded in 2014, the brand is now sold in more than 30 countries through retailers including Ulta Beauty, Sephora Global, Selfridges, Macy’s, The Hut Group, Douglas Group, and Shoppers Drug Mart. Hero products include the Nudies blush, bronze, and glow-all-over face color sticks.

“While we’re excited about future expansion opportunities, our immediate focus is maximizing
the potential within our current retail partnerships,” said Jenny Frankel. “We’re laser focused
on driving productivity at our 700 Ulta doors, deepening that relationship and optimizing our
presence in every door. Simultaneously, we’re doubling down on our digital ecosystem.
Nudestix.com, Amazon Premium Beauty, TikTok Shop and ShopMy are critical growth engines,
and we’re expanding our digital retail footprint beyond the U.S. to capture a wider global
opportunity.”