The Indian affiliate of U.S. venture capital firm Sequoia Capital has agreed to acquire Faces Cosmetics Inc, a Canadian cosmetics brand, Reuters reported.
No financial terms were released for the deal, which includes Faces’ global subsidiaries and brand, the report said.
Sequoia is buying the company from an affiliate of Everstone Capital, an Indian private equity firm. Everstone acquired Faces in 2007.
Based in Vaughan, Ontario, Faces manufactures and retails colour cosmetics, makeup, skin care products and accessories for men and women. It was established in 1974.
Update: A number of media sources have reported the value of the Faces Cosmetics deal to be US$40 million.
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