Carlyle to buy cosmetics packaging company HCP
Carlyle, through two of its buyout funds, has agreed to acquire cosmetics packaging company HCP Packaging from Baring Private Equity Asia (BPEA). Financial terms of the transaction were not disclosed.
Founded in 1960 and headquartered in Shanghai, HCP is one of the world’s largest beauty packaging suppliers with 10 manufacturing plants in China, USA, Mexico and Europe. An award-winning packaging designer, HCP works with over 250 leading cosmetics, skincare and fragrance brands, including Estée Lauder, L’Oréal and Shiseido.
Carlyle says he will leverage his extensive experience in the consumer and manufacturing sectors to help HCP scale its operations and grow its customer base globally. The US private equity firm will also work with HCP to explore strategic acquisitions, further strengthen the company’s R&D capabilities, and facilitate business synergies and alliances.
During the ownership of BPEA, HCP has experienced transformative growth. With the support of BPEA, HCP has become an even stronger primary packaging provider for color cosmetics and skincare products with extensive product technology as well as geographic footprint.
“We are incredibly proud of our journey to become a leading manufacturer of cosmetic packaging and would like to thank BPEA for their support over the past six and a half years,” said Eddy Wu, President and CEO of HCP.
“Our strategic priorities continue to be focused on driving innovation in sustainable packaging and delivering superior service and best-in-class operational excellence to our customers around the world. We are delighted to partner with Carlyle and have a new owner of such caliber. We seek to leverage the strengths of Carlyle’s global platform for our next phase of growth and as we expand our leadership position in the international market.
The transaction is expected to close in the third quarter, subject to customary regulatory approvals.