Axilone, a global provider of primary plastic and metal packaging solutions for premium lipstick, fragrance, and skincare sectors, should be sold to China’s CITIC Capital China Partners III, L.P.
“CITIC Capital Holdings Limited has entered into advanced discussions with funds managed by Oaktree Capital Management, L.P. on 31 October 2017, with a view to acquire Axilone. The transaction is subject to legal and regulatory approvals and could complete before the end of 2017,” said CITIC Capital in a release.
“Axilone has enjoyed strong growth during Oaktree’s holding period, and we believe the company is well positioned to continue its trajectory to enhance its leadership in the beauty care packaging category,” said Jean Rollier, Managing Director of Oaktree and President and CEO of Ileos Group.
Benefiting from the rapid growing trend in the global beauty and personal care industry, Axilone has demonstrated strong growth in the past few years, participating in several major launches, especially in the premium lipstick space.
“We are very excited about this opportunity. Axilone is a leading player in the beauty care packaging sector, serving leading customers globally with unparalleled product quality and service. We are committed to working with the talented management team to continue to tap into the enormous potential in the space, and take their success to the next level globally,” said Hanxi Zhao, Senior Managing Director of CITIC Capital.