Oaktree Builds Stake in Rodan & Fields Debt as Sales Struggle

Oaktree Capital Management has built a sizeable stake in the debt of struggling skincare company Rodan & Fields LLC, according to people with knowledge of the situation.

The fund is getting advice from Milbank and began confidential talks with TPG Capital, which holds a minority stake in Rodan & Fields, said the people, who asked not to be identified because the matter is private. Meanwhile, Rodan & Fields is consulting lawyers at Ropes & Gray, they said.

Representatives at Oaktree declined to comment, while representatives for Milbank didn’t respond to requests for comment. Representatives for Rodan & Fields ...