Elevation Labs Announces Strategic Investment in Boomerang Labs

Positions Elevation Labs for Continued Growth and Expansion

DENVER and SPRING PARK, Minn., April 2, 2024 /PRNewswire/ -- Elevation Labs ("Elevation"), a leading formulator and manufacturer of innovative beauty and personal care products, today announced the acquisition of Boomerang Labs ("Boomerang"). Financial terms of the transaction were not disclosed.

Boomerang is a formulator and manufacturing partner to beauty and personal care brands across skincare, haircare, body care, and men's personal care, with a growing customer base and a reputation for quality, innovation, and speed to market. The company offers end-to-end services to brands across product formulation, sourcing, regulatory support, logistics, manufacturing, and packaging, delivering high-touch customer service to its brand partners from its facility and headquarters in the greater Minneapolis area.

Boomerang adds a third location and additional capacity to Elevation's existing footprint in Idaho Falls and Denver. The Boomerang partnership is a continuation of Elevation's track record of growth and expansion, bringing together complementary businesses with strong capabilities, facilities, and teams. Boomerang will continue to grow its customer relationships, capabilities, capacity, and team in support of both existing and new brand partners, while benefiting from Elevation's infrastructure, substantial R&D and innovation resources, and strong customer relationships.  

With a reputation for exceptional product quality and innovation, Elevation Labs provides formulation and filling capabilities to over 100 industry-leading beauty brands across multiple product categories spanning skincare, haircare, color cosmetics, and OTC products.

"Boomerang is an excellent addition to the Elevation family, with a strong team, great facility, and attractive and growing customer base that is complementary to Elevation's. Most importantly, they have a relentless commitment to their customers that aligns with Elevation's company values," said Matthew Bell, Chief Executive Officer of Elevation.

Mr. Bell joined Elevation Labs in 2023 after decades in the Consumer Packaged Goods sector at Procter & Gamble, Reckitt Benckiser, and Edgewell, where he most recently served as General Manager of brands and contract manufacturing for Edgewell's flagship business unit.

"By joining forces with Elevation, Boomerang has access to a tremendous amount of added innovation resources and product capabilities that will enable the company to better serve customers across a wider assortment of product form factors in demand, such as hot pour and OTC products," added Elevation's Chief Innovation Officer, Amy Hart.

Elevation is backed by Knox Lane, a leading growth-oriented investment firm, who partnered with the business in 2022. Baird served as exclusive financial advisor to Boomerang and its shareholders on the transaction.

About Elevation Labs
Elevation Labs is a leading formulator and manufacturer of premium skincare, haircare and color products, focused on exceptional product quality, breakthrough innovation and an unwavering commitment to solving client challenges. With facilities in Denver, Colorado and Idaho Falls, Idaho, the company offers custom development and comprehensive contract manufacturing solutions in both traditional and high-performance clean beauty. Since 2017, over 230 products innovated by Elevation Labs in collaboration with partner brands have been recognized by Allure and other beauty awards around the country. For more information, please visit www.elevationlabs.com.

About Boomerang Laboratories
Founded in 1999, Boomerang is a formulator and manufacturer for beauty and personal care brands. Boomerang provides "lab to label" services within liquid fill categories to assist customers from product ideation to final production. The company is headquartered in Spring Park, Minnesota.

About Knox Lane
Based in San Francisco, Knox Lane is a growth-oriented investment firm comprised of a team of accomplished investors and operators with a shared work history and a strong track record of partnering with leading companies to accelerate transformational growth. Knox Lane seeks to provide support across a number of business components, including human capital, brand management, end-to-end digital transformation, sourcing, supply chain and logistics, strategic acquisitions and business development. For more information, please visit www.knoxlane.com

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SOURCE Elevation Labs