Texas-based private equity firm Gauge Capital has acquired a majority stake in beauty brand Coco & Eve for more than $100 million, according to the Financial Review.WHO: Founded in 2018 by Emily Hamilton and her husband, Alexander Ostrowski, Coco & Eve is a range of hair, self-tan, and bodycare products inspired by Bali. The brand sells DTC and through retailers including Sephora, Boots, Myer, Adore Beauty, and The Iconic.Gauge Capital is a leading middle-market private equity firm based in Southlake, Texas. Gauge invests in five key sectors: business services, food & consumer, government & industrial services, healthcare, and technology. The firm manages more than $2.0 billion in capital.WHY: Gauge is building its portfolio of tanning products, called Soleil Collective, after making a strategic investment in Brisbane-based Loving Tan last year.IN THEIR OWN WORDS: Hamilton told the Financial Review, “M&A activity is buoyant and valuations reflect confidence, despite softer sentiment more broadly. As Coco & Eve shows, investors are eager to partner with globally leading brands and founders.”DETAILS:Gauge Capital has acquired a majority stake in beauty brand Coco & Eve for more than $100 million, according to the Financial Review.The brand was reported to be on track to hit $120 million in revenue in the 12 months to December 31, a 35% increase year on year. The company also expects profit with no debt.Following the deal, Hamilton will continue to lead Coco & Eve.Ms.