Asia-focused private equity firm ShawKwei & Partners has invested an undisclosed sum in Hong Kong-based makeup and skincare packaging firm International Cosmetic Suppliers Ltd (ICS), according to an announcement.
Kyle Shaw, the founder of ShawKwei, said the investment firm will work with ICS to help it pursue strategic acquisitions in Asia, the US and Europe, and to further expand its business.
“The investment…will enable ICS to capitalise on the many growth opportunities in front of us,” said ICS founder and CEO Sue Nichols.
“Cosmetics and beauty packaging is a $25-billion industry and ShawKwei has always been a long term investor. This will be the first of multiple acquisitions as we build a global platform with Sue and ICS,” Shaw added.
Established in 1991, ICS designs and provides packaging for the global cosmetic and beauty market. The company operates five offices in Hong Kong, Taiwan, China, the US and Australia.
Its focus areas include product development and design, industrialisation and engineering, R&D, project management, quality assurance and quality control, ethical sourcing, social accountability and sustainability, sales and business development, and supply chain and logistics.
This is ShawKwei’s first publicly announced investment in 2020 amid the ongoing COVID-19 crisis.
The Hong Kong-headquartered firm, which invests in mid-market companies operating across Asia, closed its fourth pan-Asia fund at $812 million in 2018, a little over its $800-million target.
The fund had invested in Singapore oil and gas services firm Gaylin Holdings Ltd in a $100-million transaction that included debt restructuring. Gaylin Holdings was merged with another Singapore-based ShawKwei portfolio company, AMOS.
ShawKwei has also invested in US and European businesses that have operations in Asia.