US private equity operator Catterton Partners acquired a minority stake in the shareholders capital of Italian cosmetics company Intercos. Founder and ceo Dario Ferrari will keep on managing the company while Italian investment vehicle Tamburi investment Partners will sell its stake in one of Ferrari’s holding companies owning a major stake in Intercos (download here la sua quota che ora possiede in una delle holding di Ferrari (download here the press release).
Intercos, a leading third-party producer of colour cosmetics for international brands, pulled an ipo at the Italian Stock Exchange last October (see a previous post by BeBeez). Revenues in 2013 totalled 329,8 million euros (up from 296,1 millions in 2012), with an ebitda of 48.3 millions (from 46.9 millions) and a net financial debt of 188 millions (from 195.9 millions). In view of its listing the company was said to be valued an enterprise value a maximum of 650 million euros or 12x the ebitda expected for 2014 (55 millions) and was said to have an equity value estimated between 319.6 and 410.9 million euros,
“This partnership with Catterton will allow Intercos to keep growing its presence in the global cosmetic industry. Catterton will bring its long term experience in the personal care sector and new finance which will help us to accelerate our growing strategies aiming at enlarging oure presence in US and China”, Ferrari said in a statement.
As far as TIPis concerned, the investment vehicle subscirbed an agreement with Dafe 3000 srl, an holding company controlled by the Ferrari family which is going to buy from TIP its 17.94% stake in Dafe 4000 srl, another holding company controlled by the Ferrari family owning in turn a 41.17% stake in the capital of Intercos.
Headquartered in Greenwich, Connecticut, Catterton sis at its first deal in Italy. The US private equity firm is focused on consumer sector bands and manages mnore than 4 billion dollars of assets. Catterton’s portoflio includes brands such as Restoration Hardware, Baccarat, Outback Steakhouse, Sweet Leaf Tea, Noodles & Company, Frederic Fekkai, Build-A-Bear Workshop, Wellness and Nature’s Variety pet foods, Kettle Foods, Odwalla and P.F. Chang’s.