William Blair’s Brian Oleniczak and Maggie Wilmouth, both directors on the firm’s consumer & retail investment banking team, were quoted by Women’s Wear Daily, where they shared their insights into what’s driving private equity’s interest in the companies—manufacturers, packagers, and more—behind the top names in cosmetics.

“It’s a play in beauty and personal care to capitalize on the growth of brands that are scaling really quickly and have exciting new launches,” Wilmouth told the publication.