Leading cosmetics packaging manufacturer sold for reported $775 million
Baring Asia has acquired the packaging firm from fellow investment company, TPG Capital LP, with the Hong Kong-based firm stating it wants now to facilitate faster growth for HCP.
“In HCP, we see a business that has the foundation from which to grow into the undisputed industry leader,” Jean Eric Salata, Baring Asia CEO, confirmed.
Eddy Wu, group president and CEO of HPC, stated: “We are delighted that Baring Asia has demonstrated such a strong commitment to the growth of HCP’s business...Partnering with Baring Asia is an exciting step forward for HCP.
“With Baring Asia’s support, we will be able to further enhance our leading position in a consolidating industry, and take the business to the next level.”
Industry leading
HCP describes itself as one of the leading packaging companies in the world, and states that it has achieved this status through its focus on the design, development and production of packaging materials in particular for the global colour cosmetics, skin care and fragrance industries.
In recent years, the company has expanded its global operations steadily, through what it describes as ‘strategic alliances and acquisitions’, alongside its organic growth
“HCP has grown and strengthened its operations in many ways over the past three and a half years under the ownership of TPG Capital,” the company states.
“Through expanding its global manufacturing footprint, enhancing its global supply and integrated logistics network, increasing product diversification and ensuring manufacturing efficiency, HCP has firmly positioned itself as a leading packing company.”
Looking ahead
Through the acquisition, HCP and Baring Asia both hope to consolidate and strengthen the packaging manufacturer’s position, particularly among its traditional industries of beauty, cosmetics and personal care.
“With an exceptional team, outstanding long-term, blue chip customer base and the highest quality product offerings, the company is in an excellent position to enter into an accelerated growth phase in the coming years,” Salata confirmed.
