Executive Summary

PCA Skin was a highly profitable, steadily growing skincare brand that did not require outside capital to maintain its growth trajectory. In 2012, the company’s co-owners sought a partner to support a leadership transition while retaining meaningful equity and preserving the brand’s clinical integrity.

Norwest made a majority investment in late 2013, partnering closely with PCA Skin to strengthen leadership, refine strategy, expand distribution, and accelerate growth. During the partnership, PCA Skin broadened its channel strategy, deepened relationships with skin-health professionals, and reinforced its position as a leader in clinically proven skincare. In 2017, the company was sold to Colgate-Palmolive at an industry-leading multiple, generating more than 6x shareholder value.

Building a Profitable, Science-Backed Skincare Brand

PCA Skin was built on a foundation of clinical rigor and professional credibility. By the time Norwest first engaged, the brand had established itself as a trusted partner to skin-health professionals and was growing steadily without reliance on external capital.

In 2012, co-owner and CEO Richard Linder sought to transition into a chairman role while selling a majority stake and retaining meaningful equity. At the same time, co-owner and Chief Medical Officer Dr. Jennifer Linder wanted to spend more time with her family and focus on her medical practice.

The owners had multiple avenues to sell the business and were pursued by a strategic party. PCA Skin ultimately elected to partner with Norwest based on its industry knowledge, strategic resources, and strong working chemistry with an “invited guest” approach.

Norwest made a majority investment in December 2013, marking the beginning of a hands-on partnership focused on scaling the business while preserving what made the brand successful. The partnership marked the beginning of Norwest’s 10+ year focus of investing in and growing clinically proven, science-backed personal care brands.

A Hands-On Partnership Focused on Leadership and Strategy

From the outset, Norwest worked closely with PCA Skin’s leadership team as a trusted advisor on key strategic decisions, including channel strategy, financing, and recruiting.

One of the earliest priorities was strengthening the executive team. Norwest recruited Michael Larrain, former President of L’Oréal Active Cosmetics, for the CEO role, along with a new CFO, CMO, and Vice President of Sales. The firm also helped build a seasoned board by recruiting independent directors with deep industry experience, including former c-suite executives from Obagi and Dey Pharma.

“With Norwest’s partnership across recruiting, product, strategy, and operations, PCA Skin achieved remarkable growth and positioned itself as a leader and pioneer in skincare,” said Michael Larrain, who led the company as CEO between 2015 and 2020.

In parallel, Norwest helped professionalize financial reporting by designing board-level reporting packages to support better decision-making as the company scaled.

Expanding Channels and Deepening Professional Relationships

As the partnership progressed, PCA Skin refined and expanded its go-to-market strategy to reach new customers while reinforcing its credibility with professionals.

Norwest supported the launch of an e-commerce strategy and increased investment in building a field sales team focused on the doctor channel. The company also entered partnerships in the multi-unit med spa channel, broadening its footprint among professional providers.
At the same time, PCA Skin increased its focus on clinical trials and product development, reinforcing the efficacy claims behind its core offerings and rationalizing the product line to prioritize impact.

The company also invested heavily in education and certification for aestheticians, positioning PCA Skin as a trusted, practitioner-first brand. Over time, this momentum enabled broader rollouts across multi-unit partners, including national relationships with Massage Envy and Nordstrom Spa.

Outcomes and Exit

PCA Skin’s accelerated growth coincided with Norwest’s investment and partnership. The company expanded its distribution channels, strengthened relationships with skin-health professionals, and reinforced its position as a clinically proven, science-backed brand.

In 2017, PCA Skin was acquired by Colgate-Palmolive at an industry-leading multiple. The earn-out structure fully paid out owners and shareholders, generating more than 6x shareholder value.