TowerBrook Invests In Rael As Period Care Challenger Eyes Bigger Share Of The Market

Terms of the deal weren’t disclosed, nor were the identities of TowerBrook’s co-investors, but the private equity firm generally takes majority stakes in companies. Founded in Los Angeles in 2017 by Korean Americans Yanghee Paik, Aness An and Binna Won, Rael previously raised $59 million over three rounds, most recently a $35 million series B led by Colopl Next, the venture capital arm of Japanese video game developer Colopl, and Signite Partners, the corporate venture capital firm of Shinsegae Group, one of the largest conglomerates in South Korea. The brand, which was projected to generate $125 million to $150 million in global sales last year, also previously secured funding from Mirae Asset, MarcyPen and Unilever Ventures.

TowerBrook manages over $30 billion in assets and counts consumer properties like J. Jill and Jimmy Choo in its portfolio.

Its investment in Rael will be put toward scaling the brand across channels and geographies. The brand, which has an office in Seoul, is already sold in more than 40,000 retail doors in the United States and South Korea, including Target, Walmart, Ulta Beauty, CVS, Walgreens and Olive Young. Rael is a top-selling feminine care brand at Olive Young and has held the No. 1 spot in menstrual pads on Amazon for the past six years. Among its bestselling products are its pads, a heating patch for menstrual cramps, Miracle Patch pimple patches and facial sheet masks.

The U.S. menstrual care market remains dominated by legacy players.

Procter & Gamble, owner of Always and Tampax, controlled 59% of retail value last year, compared to 11% for U by Kotex owner Kimberly-Clark, according to Euromonitor. Globally, the feminine hygiene products market is projected to grow from $48.18 billion this year to $85.

81 billion by 2034, representing a compound annual growth rate of 7.48%, according to Fortune Business Insights . Rael distinguishes its menstrual products by using organic cotton and maintains its clean positioning throughout an assortment that has expanded from period care into several other categories such as intimate care, incontinence, supplements and facial skincare.

That positioning comes at a premium. At Target, for example, Rael’s organic cotton regular pads cost roughly three times as much per pad as Always Ultra Thin regular pads and about 60% more than Always Pure Cotton regular pads. Rael expanded beyond period care in part to gain entry to retailers not traditionally known for the category, such as Ulta, create additional occasions for consumers to use its products and move into higher-margin categories.

Period care is an unusually high-repeat personal care category, with consumers typically purchasing products monthly for decades, but razor-thin margins can make for tough unit economics.

Rael’s expansion beyond period care is extending its relationship with customers. According to the brand, 30% of its feminine care customers cross over to buy its skincare, while about half of its skincare customers end up buying its period care products. “Rael has built a truly differentiated brand by combining thoughtful innovation with a deep understanding of women’s evolving health and wellness needs,” says Nancy Jin, managing director at TowerBrook, in a statement.

“We share Yanghee’s conviction that women deserve clean and effective cycle care products that help them feel supported and confident across every stage of life.

“We started Rael because we believed women deserved better choices in period care, and that belief led us to pioneer holistic cycle care,” says CEO Paik in a statement. “From our first conversation, TowerBrook understood the impact of our mission and believed in it as deeply as we do. Their track record of scaling founder-led brands while preserving their uniqueness makes them the ideal partner as we aim to serve more women around the world.” Jefferies served as financial advisor to Rael for its TowerBrook deal, which follows a string of deals in period care.

Last week, Essity agreed to acquire Kenvue’s feminine care business in Brazil, including Carefree, Sempre Livre and O.b., for $284 million. In February, Essity completed its $340 million acquisition of Edgewell Personal Care’s North American feminine care business, including Carefree, Stayfree and O.b., as well as global feminine care rights to Playtex. In 2022, Essity purchased period underwear brand Knix. Smaller period care brands have consolidated, too, with Somedays acquiring Aisle in 2023 and AWWA Periodcare in 2025.

Organic period care brand Lola was acquired by Forum Brands, now Lyra Collective, in late 2023. Funding has continued at the startup level, with period care brands Inertia, August, Vyld and Sequel securing capital in recent years. More transactions could be ahead.

Compass Diversified hired Raymond James late last year to explore a sale of The Honey Pot Co., according to Axios. Compass acquired Honey Pot , a better-for-you feminine care brand and Rael rival, at a $380 million enterprise value in 2024.

The Flex Co., maker of Flex menstrual discs and cups, has tested the market for a potential sale at various points, according to industry sources.