L Catterton, the consumer investment fund that bought (among others) the German sandal brand Birkenstock, has signed an agreement with the Percassi family, founders of cosmetics brand KIKO Milano. By acquiring a majority shareholding in the highly popular young brand, already present in 66 countries, the Percassi family aims to further expand its presence.
L Catterton announced on Friday April 26 that it had reached a definitive agreement to acquire a majority stake in Italian beauty brand KIKO Milano from the Percassi founding family. The Percassi family will retain a significant stake, as well as responsibilities within the company. Antonio Percassi will remain President of the company, while Simone Dominici, CEO until 2022, will continue to lead the existing team.
While the terms of the transaction were not disclosed, Reuters quoted a source close to the matter as saying that the value of the Italian accessible make-up label would be around 1.4 billion euros ($1.5 billion), including debt.
L Catterton was assisted by Bonelli Erede as legal advisor and PriceWaterhouseCoopers, and the Percassi family by BofA Securities, Intesa Sanpaolo (IMI Corporate & Investment Banking division), BNP Paribas, the law firm Gatti Pavesi Bianchi Ludovici and Deloitte.
Fishing for pearls
The investment fund, the result of the merger between the Catterton LVMH investment fund and Bernard Arnault’s family holding company, continues to go pearl-hunting on the Old Continent in the consumer goods sector, where it is the leader…
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Read also > L CATTERTON BETS ON THE DYNAMISM OF BEAUTY
Featured Photo: Days in Bloom par Kiko Milano © Kiko Milano
