The American investment company L Catterton, with the support of LVMH Moet Hennessy Louis Vuitton SE, has entered into a final agreement with the Percassi family to acquire a controlling stake in the Italian cosmetics brand KIKO Milano. This is reported in a press release by L Catterton.
The financial terms of the transaction were not disclosed. Upon completion of the transaction, the Percassi family will retain a significant stake in the KIKO business, the total value of which is estimated at 1.4 billion euros ($1.5 billion), including debt obligations.
L Catterton has previously invested in more than 30 global cosmetics brands, including the Italian cosmetics manufacturer Intercos, the British manufacturer of skin care products Elemis, the Japanese company ETVOS, the hair care brand Maria Nila and the consumer technology company Oddity.
Through the deal, KIKO expects to expand its presence in the United States with the support of L Catterton. According to experts, the global cosmetics market will grow from $78 billion to $128 billion by 2032.
BNP Paribas, BofA Securities, Intesa Sanpaolo IMI CIB and Deloitte acted as advisers to the Percassi family, while Bonelli Erede and PWC acted as consultants to L Catterton.
L Catterton is an American multinational investment company with a share capital of $35.0 billion. The company operates three multidisciplinary platforms - private equity, lending and real estate. Since its inception, the company has invested in 275 companies in the sector of iconic global consumer brands. The headquarters is located in Greenwich, Connecticut. The company was formed in 2016 as part of a merger Catterton Partners with LVMH, founded by Bernard Arnault (Bernard Arnault).
Percassi is an Italian multidisciplinary group of companies managing franchise retail chains for well-known brands including Nike, Jordan, Victoria's Secret, Bath&Body Works, LEGO, Gucci, Armani Exchange, Saint Laurent, Garmin and Starbucks. In addition, Percassi produces its own brands (KIKO Milano, Womo and Bullfrog), is active in the sports sector and in the real estate sector.
KIKO Milano is one of the leading Italian brands of cosmetics and skin care products. The company produces a wide range of shades and textures for customers and has a unique retail network of 1,100 stores in Europe, Asia and the Middle East. The headquarters is located in Bergamo (Italy).
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