Procter & Gamble is betting big on prestige beauty.

The patron goods giant is acquiring Tula Skincare — its third deal in two months and seemingly the biggest, as well. Terms of the deal weren’t disclosed but Tula — a probiotic, superfoods-based skincare line founded by gastroenterologist Roshini Raj, Bobbi Brown cofounder Ken Landis and tech entrepreneur Dan Reich and backed by L Catterton — was reportedly heading in the right direction to succeed in about $150 million in net sales for 2021. That makes it almost twice the dimensions of Farmacy Beauty, which P&G bought in November, and thrice that of Ouai, the hair care brand it snapped up in December.

Taken together as a bunch, together with P&G’s existing portfolio comprised of SK-II and First Aid Beauty, the corporate is significantly increasing its presence in specialty and premium channels, going head-to-head with rivals including L’Oréal, Unilever and the Estée Lauder Cos.

“Once we have a look at our beauty strategy, we wish to win in beauty within the categories we decide to play in — skin, hair and private care, categories where the clinical performance of the products makes a difference,” said Markus Strobel, president of world skin and private care. “We would like to win within the industry — in several channels and segments. Wherever we feel that there’s a gap in our portfolio, then we wish to shut it.

“The prestige beauty channel is growing double digits so it’s a channel where we wish to have a stronger presence with a good portfolio,” he continued, “a portfolio that covers the important thing profit spaces that we feel might be growing in the longer term.”

Founded in 2014, Tula has posted explosive growth since its inception, an early entrant within the conversation around probiotics in beauty that connected the dots between beauty and wellness. It’s each the fastest-growing prestige brand at Ulta Beauty and in addition a direct-to-consumer powerhouse, with about half of its sales coming from that channel. Millennials are its core consumer base, with about 75 percent of shoppers below the age of 35.

“We’re really at an inflection point as a brand,” said Tula chief executive officer Savannah Sachs, who has led the expansion and can stay on board as the corporate’s leader under its latest ownership. “We have now an incredibly talented team whom I’m humbled to work alongside. Yet we feel we are only getting began and scratching the surface of long-term opportunity. We have now stayed very focused up to now. As we look forward to driving continued growth, there may be a lot white space.”

International is one such area. In August, Tula launched in Sephora Canada, its first foray abroad. While Sachs declined to specify which markets are next, she did say that the corporate can have news in that area “soon.”

Product-wise, Tula launched body care in December and has dabbled in hybrids that mix makeup and treatment properties, in addition to ingestibles. Moving forward, skincare will proceed to be the first priority. “Our focus is on bringing powerful, clinically proven skin solutions to every step of our consumer’s routine,” Sachs said. “It’s energizing to have the opportunity to proceed to run toward our vision and drive growth, since we’ll operate independently, but at the identical time have the opportunity to tap into P&G’s capabilities.”

The brand has also been a vocal proponent of beauty positivity, committing to no retouching in its promoting and to changing the language around skincare, an ethos that matches in with P&G’s Responsible Beauty platform.

“The brand story of holistic wellness and the health of your skin ranging from the within out is a strong idea and the best way that Tula has brought this to life with skincare is amazing. It’s a brilliant interesting space for us,” said Strobel, adding that after he read an advance copy of Raj’s upcoming book, “Gut Renovation,” he’s turn into a convert to kombucha.

The transaction represents one other successful exit for L Catterton, whose current beauty portfolio includes investments in Il Makiage, Function of Beauty and Kopari.

“Tula represents a few of the foremost trends that we’re seeing in skincare today — efficacious products with an ingredient story that taps into health and wellness and a culture of inclusivity and skin positivity,” said Jon Owsley, managing partner of L Catterton’s Growth Fund. “From the start of the corporate’s discussions with P&G, it was clear that P&G understood the essence of the brand and shared within the vision and mission.”

As for P&G, Strobel isn’t ruling out more deals within the near future. “On this industry you’re never done because beauty is so dynamic. We have now a certain strategy and certain criteria for what we’re on the lookout for,” he said.

“Under [P&G Beauty CEO] Alex Keith’s leadership, we’ve got got our mojo back as a beauty company,” Strobel continued. “Beauty is growing — and we wish to be not only participating in that growth but a driver.”

Financo Raymond James was the exclusive financial adviser for Tula.