CITIC Capital completes acquisition of Paris-based Axilone

A man stands in front of CITIC bank's branch in Beijing, China, in this March 23, 2016 file photo. REUTERS/Kim Kyung/File Photo

Private equity firm CITIC Capital Holdings has completed the acquisition of Paris-headquartered cosmetics packaging provider Axilone from Oaktree Capital Management. Oaktree had put the company up for sale early last year.

The financial terms of the deal were not disclosed in an announcement on Thursday.

CITIC Capital, which made the acquisition through its buyout fund CITIC Capital China Partners III, had emerged the winner of a bidding process for Axilone. Oaktree had acquired Axilone in 2011 and the “for sale” tag on the asset last year had attracted few private equity firms with a presence in China.

Axilone provides primary plastic and metal packaging solutions for premium lipsticks, fragrances, and skincare products. It serves beauty and personal care companies around the globe, and has subsidiaries in France, Spain, U.S. and China.

“We see remarkable growth potential and in the premium beauty care packaging sector, as global beauty players try to compete to communicate their brands and differentiate themselves from their peers,” said Hanxi ZHAO, Senior Managing Director of CITIC Capital.

Last month, CITIC Capital acquired New Zealand’s Trilogy International Limited, a cultivator of essential natural products and home fragrance brands, for NZ$250 million ($175 million). The firm manages over $22 billion of capital from a diverse group of international institutional investors and its core businesses include private equity, real estate, structured investment & finance, and asset management.

Its private equity arm, CITIC Capital Partners, is focused on control buyout opportunities and has made investments in China, Japan, U.S. and Europe with current committed capital at $4.7 billion.

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