TPG Growth has purchased a majority stake in e.l.f. Cosmetics from the company's founders and minority stakeholder TSG Consumer Partners. e.l.f. Cosmetics is one of the fastest growing cosmetics brands in the U.S., and has a niche in the color cosmetics space. Its products are sold through a multi-channel distribution strategy and an integrated global supply chain operation. TSG Consumer Partners had backed the company since 2011.