Catterton has agreed to make a “significant” investment in Intercos, a producer of cosmetics and skin care products. No financial terms were disclosed.
MILAN and NEW YORK, Dec. 16, 2014 /PRNewswire/ — Intercos S.p.A. (“Intercos” or “the Company”) and Catterton, the U.S.-based leading consumer-focused private equity firm, announced that the companies have entered into a binding agreement under which Catterton will acquire a significant minority stake in Intercos. Financial terms of the transaction were not disclosed.
Dario Ferrari, the Founder and Chief Executive Officer of Intercos, will continue to lead the Company. A veteran of the beauty industry, Mr. Ferrari will continue to bring significant executive leadership and commercial experience to Intercos.
Mr. Ferrari said, “We are thrilled to partner with Catterton as Intercos continues to expand its presence in the global beauty and cosmetics industry. Catterton brings proven expertise, decades of experience in the personal care industry and new resources that will enable us to accelerate our international development strategies, including further expansion in the United States and China. Intercos prides itself on setting the standard for innovation in the beauty industry and we are excited to partner with Catterton for this next phase of growth.”
“Catterton identified Intercos as the leading supplier to the cosmetics and beauty category with an operating profile that is the gold standard in the industry,” said Nik Thukral, a Senior Partner at Catterton. “We are thrilled to partner with Dario who has built this remarkable business over the past 42 years. Intercos today brings a highly differentiated set of capabilities to the industry, reflective of its broad product portfolio, global footprint, deep management talent and emphasis on research and product innovation. We are excited and look forward to partnering with Intercos and building on its global leadership, particularly in the US, China and Latin America.”
In the dealing with Catterton, Intercos has been advised by Rothschild and UBS acting as financial advisor, by Morri Cornelli e Associati and by LMS Studio Legale, as advisors of the controlling shareholder.
Catterton received legal advice from Latham & Watkins LLP.
Intercos, founded in 1972 by Dario Ferrari, is among the leading global developers, manufacturers and distributors of cosmetics and skin care products on a business to business (B2B) outsourcing basis. Among its customers are some of the best-known brands and retailers in the global color cosmetics industry. The Group – with over 2,800 employees, 7 research centres, 12 production sites and 11 marketing offices across the 4 continents – is a trend-setter able to anticipate and influence changing consumer preferences in the world of colour cosmetics. It maintains a leading position in the international color cosmetics industry as well as an important position in the market for high-end skincare products in Europe and United States.
Catterton is the leading consumer-focused private equity firm with more than $4.0 billion currently under management and a twenty-five year track record of success in building high growth companies. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. Catterton invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton’s investments include: Restoration Hardware, Baccarat, PIRCH, Outback Steakhouse, Sweet Leaf Tea, Noodles & Company, PIADA, Heartland RV, Frederic Fekkai, Build-A-Bear Workshop, Wellness and Nature’s Variety pet foods, Kettle Foods, Odwalla and P.F. Chang’s, to name a few. More information about Catterton can be found at catterton.com.