The bottom L Catterton, specialized in investments in the consumer sector, acquired the majority of Kiko Milan, a cosmetics group with over 800 million euros in revenues. There Percassi family, which founded Kiko in 1997, will retain a “significant stake” in the company. “We are open to a partnership with an investor of international importance such as L Catterton, who we believe will be able to contribute to accelerating the growth of Kiko on a global level, providing vast experience and a large network in the cosmetics sector,” he declares Antonio Perassi, which will remain president of Kiko.
L Catterton and Kiko, top secret operation
The terms of the transaction are top secret, but, based on sources close to the dossier, the company was awarded a enterprise values around 1,4 billion euros.
Founded in Bergamo in 1997 by Antonio and Stefano Percassi, Kiko is one of the largest independent brands in cosmetics in the world, which boasts a retail network of more than 1.100 stores in 66 markets and an efficient e-commerce platform. The company has customers of every age with a solid and loyal relationship.
Nik Thukral, managing partner of L Catterton's Flagship Buyout Fund, said: “We are deeply honored to partner with Antonio and the Percassi family to further strengthen the global positioning of this brand, together with John Demsey, a great expert in the sector and senior advisor to L Catterton”. Arabella Caporello, partner of L Catterton Europe, reassured that the CEO will remain at the helm, Simone Dominici. “We look forward to working alongside the CEO and his team to unlock the company's incredible potential,” she commented.
L Catterton has significant global investment experience in over thirty beauty brands around the world, including Intercos, Elemis Etvos, Maria Nilla and Oddity.
L Catterton was assisted by the Bonelli Erede firm and PriceWaterhouseCoopers, while the Percassi family was assisted by BofA Securities, Intesa Sanpaolo, Bnp Paribas, Studio Gatti Pavesi Bianchi Ludovici and Deloitte.
