Investment to support continued growth of an integral procurement partner for personal care artisans
Two Sigma Impact, the impact investing business of Two Sigma, and Avance Investment Management (“Avance”), a private equity firm that invests in established lower-middle market services and consumer businesses, today announced they have acquired Wholesale Supplies Plus (“WSP” or the “Company”), a leading e-commerce provider of ingredients and supplies to commercial artisans who create personal care, beauty and home fragrance products. The Company will continue to be led by Sam Solomon, Chief Executive Officer of WSP, and the senior management team. Financial terms of the transaction were not disclosed.
WSP is an industry-leading provider of high-quality raw materials, supplies and packaging for soap, skincare and candle artisans. The company’s broad product assortment and complementary support enable an expanding artisan community to meet growing consumer demand for authentic, local and clean label personal products. WSP has attracted a large base of engaged, recurring customers and has enjoyed more than 15 consecutive years of organic revenue growth across multiple economic cycles.
Read More: Amalgamated Bank Helps Launch Net Zero Banking Alliance
“More than two decades ago, WSP was established to provide aspiring commercial crafters with affordable and professional quality soap, skincare and candle-making supplies. Today’s announcement is a testament to our customers’ success and our team’s ability to meet the growing demand for high-quality ingredients and services. I could not be more proud of the WSP team’s dedication and hard work,” said Mr. Solomon. “We have gotten to know the Two Sigma Impact and Avance teams quite well over the past few months and are eager to join forces and continue scaling the business with their expertise and support.”
“We are thrilled to partner with Sam, the management team and Avance to support WSP through its next phase of growth,” said Amar Doshi, Senior Principal at Two Sigma Impact. “The Company is a well-recognized leader in this large and growing market with a steadfast commitment to being a responsible employer and to the success of its small business customers. We look forward to working with the Company on a variety of growth initiatives including enhanced marketing through the use of data science and accretive acquisitions.”
Read More: Clearbanc Rebrands to Clearco, Announces US$100 Million Series C Funding
“WSP is the ideal first investment for our firm,” said Luis Zaldivar, Co-Founder and Managing Partner of Avance. “Its leading market position and opportunity for continued organic and inorganic growth, are emblematic of the type of company with which we look to partner. Together with Two Sigma Impact, we are excited to support WSP, Sam and the entire management team as they continue meeting the needs of their ever growing, loyal customer base.”
Read More: Gilded Launches Mass Pay, Enabling Businesses to Pay Employees in Crypto
