Based in Newport Beach California, the company was created in 1996 by make-up expert Wende Zomnir. Castanea invested in the company in March 2009.
In the fiscal year ended in June 2012, Urban Decay recorded net sales of €130m. The market for make-up specialist brands represents 44 per cent of the luxury make-up market in the US, it said.
Castanea is currently investing from its third fund, a $500m vehicle that targets companies with enterprise values up to $250m. Earlier this year, the Boston-based firm led a $16m investment in US blow dry chain Drybar.
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