Skyline Beauty Group Acquires Lumin And Meridian As It Accelerates Dealmaking

Terms of the asset purchase weren’t disclosed. Together, Lumin and Meridian generated about $35 million in sales over the last 12 months, according to Skyline CEO and co-founder Joe Indig. The acquisitions come five months after Skyline purchased skincare brand LilyAna Naturals from RDM Partners and mark a significant deal acceleration from March, when Indig told Beauty Independent that the company expected to complete around two acquisitions a year.

“I wanted two brands a year, but we’re going much quicker than that,” says Indig. “Really what I want is to continue to grow in skin and in hair, get to a place where we have a lot of healthy, strong brands with good profits in our portfolio. It’s not all about the sales. It’s about the bottom line, net profits and making sure the companies are healthy and cash flowing.”

Brand backgrounds

With backgrounds in e-commerce and technology, Richard Hong and Darwish Gani launched Pangaea in 2018 as an incubator of direct-to-consumer brands, starting with men’s skincare brand Lumin. They followed it in 2020 with Meridian, initially conceived as a men’s intimate grooming brand, but women gravitated to it. By 2021, the company discovered that they constituted more than half of its customer base.

Lumin sells around 30 individual products spanning skincare, haircare, body care and skin devices, with prices ranging from about $16 to $109. Among its bestsellers are Charcoal Face Wash, Daily Face Moisturizer and Dark Circle Defense Balm.

Meridian’s assortment centers on body-hair removal devices, led by its Trimmer franchise, with devices ranging from about $50 for the Trimmer Original to $269 for its new Zapper Ice Pro at-home IPL device. Meridian is extending its retail reach, growing at Target and launching at Walmart in September, per Indig.

Pangaea raised roughly $87 million in total funding prior to the Skyline transaction. Eurazeo accounted for the largest portion, investing $53 million in 2021 through its dedicated consumer brands investment arm, Eurazeo Brands. Other backers were Unilever Ventures, GPO Fund, Base10 Partners and Gradient Ventures.

The Business of Fashion reported earlier this year that Eurazeo was dissolving Eurazeo Brands. Eurazeo sold its stake in Ex Nihilo to L Catterton in February and is in exclusive talks to sell control of Aroma-Zone to Partners Group while retaining a significant minority stake. Beauty brands remaining in its portfolio include Beekman 1802, Gisou and Nest New York.

Acquisition details

Although Lumin and Meridian were attracting new customers and had solid customer retention, Indig says high overhead weighed on their profitability. Skyline isn’t keeping the brands’ teams. Instead, it’s integrating Lumin and Meridian into its existing structure, where about 35 employees work across the portfolio, handling functions such as e-commerce, logistics, marketing, finance and supply chain. Indig says Skyline can swiftly turn around a brand’s financial fortunes, pointing to LilyAna Naturals, which he reveals became profitable within a month of its acquisition.

> “We want to be the go-to place for distressed assets or brands that are strong but need new management and new operations.”

In a statement, Ingrid Jackel, Pangaea’s outgoing CEO and former CEO of Yes To and Physicians Formula, says, “From our first conversations, Skyline understood what makes Lumin and Meridian distinctive in their respective categories and showed immediate passion for the brands’ assets and their innovation. We’re proud of what our team built here, and we’re glad to see these brands move into their next chapter. We look forward to watching them expand under Skyline’s leadership.”

Market trends

The acquisitions deepen Skyline’s exposure to a men’s grooming market at a time when men, especially young men, are stepping up their personal maintenance. Men’s grooming sales in the United States rose 4% to $13.3 billion in 2025, according to Euromonitor. Newly released insights on men’s grooming from Mintel show that most men now follow regular grooming routines beyond basic hygiene, with younger men in particular adopting more involved routines.

Indig says, “Getting a male customer is harder than getting a female customer, but once you get them, if you have the right products, they’ll stay loyal.”

The increased attention to men’s grooming has translated into deal activity. Unilever acquired Dr. Squatch from Summit Partners last year for $1.5 billion, and TSG Consumer took a minority stake in Dude Wipes. Every Man Jack, which Carlyle has controlled since 2020, was reportedly put on the market in 2023 at a potential valuation of around $400 million, although a sale hasn’t materialized.

On its website, Skyline, formerly called Silber Equity, lists nine brands it currently holds and six brands it has exited. Indig says the company maintains separate legal entities for its brands and occasionally brings outside partners into acquisitions.

Skyline’s current holdings include men’s skincare brand Anthony, acne care brand BioClarity , skincare brand Alpha Skin Care, hair tools and styling brand FoxyBae and skincare brand SLMD by Dr. Pimple Popper. Brands it has exited include Shaveworks, Pure Brazilian and Osmotics. All told, Skyline estimates it has tallied more than $250 million in transaction value and typically takes around 60 days to close a deal.

Skyline is still on the hunt for brands to join its portfolio, zeroing in on skincare and haircare. It now targets brands generating $20 million to $50 million in sales and aims to pay roughly 3X to 4X earnings before interest, taxes, depreciation and amortization (EBITDA), according to Indig. Skyline is a member of a growing group of brand holding companies seeking to reenergize established beauty and wellness brands that haven’t hit their full potential, including AS Beauty , Belle Brands , Kindred Brands and West Lane Capital Partners.

“We want to be the go-to place for distressed assets or brands that are strong but need new management and new operations,” says Indig. “If the right buyer comes to buy the portfolio, we’re going to look into it. Not right now, but when it comes to the right time.”