After Europe, with two recent acquisitions (Alkos Group in France and Swallowfield in the UK), Canada-headquartered Knowlton Development Corporation (KDC/ONE) is settling down in China . The company has entered into a binding agreement to acquire Shanghai Paristy Daily Chemical Co., Ltd., a leading custom formulator and manufacturer of color cosmetic products, based in Shanghai. Financial terms of the transaction were not disclosed.
Funded in the 1960s, Paristy supplies leading make-up brands in North America and Europe, in addition to the local Chinese market, in particular in categories such as powders and product for the lips. Led by Jerome Shen, Angel Luo and a team of product development and manufacturing professionals, the Paristy company operates two facilities, including an R&D and innovation center in Taiwan, and a manufacturing base in mainland China.
This acquisition, which is expected to close in the first quarter of 2020, is the company’s first in Asia, significantly expands KDC/ONE’s capabilities to serve cosmetic brands globally.
Established in 2002, KDC/ONE has grown strongly, in particular through acquisitions, to become a leading custom formulator and manufacturer of cosmetic and hygiene products. Backed by Cornell Capital, which acquired KDC/ONE in December 2018 together with Caisse de dépôt et placement du Québec, Investissement Québec and HarbourVest Partners, the Canadian company has nearly doubled the size over the past year. The company now has facilities in North America, Europe and Asia.
Most recently, KDC/ONE announced its agreement to merge with HCT Group.