ANJAC BEAUTY & HEALTH acquired by KKR & KREFELD

Following a structured competitive bidding process managed by investment banks Rothschild & Co and Transaction & Compagnie, French family-owned industrial manufacturer Anjac Health & Beauty reorganized its equity base by welcoming US private equity firm KKR, through its Strategic Investment Group, alongside family office Krefeld as minority shareholders. The incoming investment consortium injected approximately €450 million in structured equity and non-dilutive financial instruments, while the Anjac family retained absolute operational control and a strong equity majority. The transaction enabled the complete divestment and exit of legacy financial sponsors Andera Partners, Bpifrance, and IDIA Capital Investissement, who had backed the group since co-funding the acquisition of rival manufacturer Roval Cosmetiques. At the time of this recapitalization completed in the summer of 2024, the target reported annual revenue of €450–900M with an EBITDA of €100–200M ([members only] of margin). The equity recapitalization was coupled with an upsize of the group's syndicated corporate credit facility established two years earlier, arranged with commercial relationship banks BNP Paribas, LCL, and Societe Generale alongside private debt lenders Eiffel Investment Group and Schelcher Prince Gestion. This debt and equity structure provides liquidity reserves to support external consolidation, building on a corporate track record of ten cross-border acquisitions executed across eight years, including North American add-ons Pillar5 Pharma, Apollo Healthcare, Stephid and APR Beauty.