The company has 225 franchise stores in 23 countries, and is particularly strongly represented in China and Russia, with revenues from the pair making up more than half of its turnover.
Its current range includes more than 320 bath, body, face and haircare products.
BaltCap investment director Astra Neimane said, “Producing innovative high quality articles, Stenders has become one of the strongest brand based businesses in Latvia and is now widely represented in the world.
“We see large potential for fast development in the markets of CIS and Asia by continuing the path that Stenders has taken.
“We are honoured to be part of the shareholders and support the management’s ambitious growth plans.”
The investment is BaltCap’s second in Latvia this year following its €1.5m deal for a stake in the country’s largest privately-held postal operator PostService Group.
BaltCap is currently targeting €100m for its second private equity vehicle, which received a €20m commitment from the European Investment Fund in June.
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