North Haven Private Equity Asia (NHPEA), a private equity fund managed by Morgan Stanley, and Chinese distributor of dermo-cosmetic products Profex, have agreed to acquire majority share in leading Greek natural cosmetics producer Korres for EUR 48.3 million (USD 58.2 million), the three companies announced. Under the terms of the agreement, the Korres family will keep 30 percent of the company with the two new investors holding 70 percent (56 percent for NHPEA and 14 percent for Profex).
Through this agreement, Korres intend to develop beyond Europe and North and South America, where the brand has already established strong presence. International development should be boosted by strong growth in Asia, in particular thanks to a better access to the Chinese market.
Founded in 2001, Profex is a Chinese company with a leadership position in dermatology and skincare. The company licenses, acquires and markets dermatological and skincare products for the Chinese market.
“Profex is excited about the prospect of working with the outstanding Greek company Korres - and offering Chinese consumers the opportunity to experience and embrace a uniquely natural and effective cosmetic brand like Korres,” said the company in a release.