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Castanea Partners Announces Investment in Thymes

Newton, MA – February 2, 2015 – Castanea Partners announced today that it has invested in Thymes, a company that creates and markets unique, branded fragrances across the bath & body and home fragrance categories.

Originally founded in 1982 and headquartered in Minneapolis, Minnesota, Thymes creates highly curated fragrance collections with product lines that include body and hand lotions, bar soaps and bubble baths, candles, fragrance mists, potpourris, reed diffusers, and refresher oils. Thymes is seen as a premium and innovative brand that has a unique consumer appeal. The company is also home to one of the most recognizable and proven home fragrances, Frasier Fir. Thymes products are sold in over 5,000 specialty retail locations in the United States.

"Thymes is an exciting opportunity in the branded personal care and beauty space, an area of focus for us," said Robert Smith, Managing Partner at Castanea. "The company is at a stage in its development where our sector expertise and operating experience will add value as Thymes pursues its growth potential. We look forward to working closely with Anne and the Thymes team to support the company's continuing growth."

Anne Sempowski Ward, CEO of Thymes, said: "This strategic alliance with Castanea Partners will advance Thymes's plans of continued expansion into select premium and specialty distribution channels, and significantly contribute to the next level of our success."

Troy Stanfield, of Stanfield Capital and a former partner at Castanea, will be joining the board of Thymes, having organized a syndicate of other investors including Stanfield Capital, RCPDirect II LP, Northstar Mezzanine Partners VI, LP, and management.

Said Troy Stanfield: "I'm very excited to partner with my old team at Castanea and look forward to working closely with Anne and the Thymes team."

Terms of the transaction were not disclosed.

About Castanea

Castanea Partners is a middle-market consumer-focused private equity firm founded by operating executives and private equity professionals. The firm partners with promising small to middle-market companies in branded consumer products and services, including companies in the branded personal care and beauty sectors.

Castanea typically invests between $15M-$75M of equity in businesses where we have investing and operating expertise. Castanea has over $1B under management and is currently investing from a $600 million fourth fund.

More information about Castanea Partners is available at www.castaneapartners.com.

Castanea Contact
Marion Schouten
617 630 2420
mschouten@castaneapartners.com

Troy Stanfield
617 784 6751
troy@stanfieldcap.com

Anne Sempowski Ward
612 638 4464
award@thymes.com

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