China’s ClearVue in cross-border cosmetics investment
Chinese GP ClearVue Partners has teamed up with US-based Catterton to provide a round of funding for Intercos, a European manufacturer of cosmetics and skincare products that wants to expand in China.
Catterton - which, like ClearVue, focuses on consumer sector transactions - led the investment in Intercos. The deal comes about three months after Italy-headquartered company abandoned plans to list on the Milan bourse due to adverse conditions and high volatility.
Founded in 1972 by Dario Ferrari, Intercos distributes its products on a B2B outsourcing basis. The company describes itself as an international leader in color cosmetics as well as occupying an important position in the European and US markets for high-end skincare products. It already has over 2,800 employees, seven research centers, 12 production sites and 11 marketing offices across four continents.
"We believe in the growth potential of the cosmetics segment of China. Color cosmetics represent a fast-growing segment within the cosmetics industry," said Harry Hui, managing partner at ClearVue, in a statement. "We feel excited to partner with Intercos, a leading global cosmetics company. We will work closely with Intercos to fuel its growth to the next level."
ClearVue targets growth-stage investments in fast-growing local companies, often facilitating market entry for leading international consumer brands into China. The GP closed its debut fund - The ClearVue Partners Fund I - at $262 million in early 2014.
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