mynth
05/2026

ASQUAN acquired by COSMOGEN

CHINA Chemicals & Materials / Packaging & Containers REV 10M - 30M EUR

Context

This transaction represents Cosmogen's first external growth initiative since its spin-off and is a transformative step to double its operational scale. Driven by its controlling shareholder, Weinberg Capital Partners, the acquisition aims to create a new global reference in the premium beauty packaging market, the Cosmogen & Asquan Group. The strategic rationale is founded on the strong complementarities between the two entities. Cosmogen contributes its deep expertise in patented, technical applicators and its established relationships with major European beauty conglomerates. Asquan provides a broad, multi-category product portfolio, a significant foothold in the dynamic U.S. market through its work with independent brands, and well-regarded operational processes. This merger creates a more resilient and diversified group with an expanded product catalog, a balanced geographic footprint, and a wider client portfolio. The deal is a direct response to the consolidation trend within the wider cosmetics industry, giving the combined entity the critical size required to serve global brands more effectively and enhance its competitive positioning. The integration process is reinforced by the founder of Asquan joining the new group's leadership as Chief Operating Officer.

ASQUAN, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Industry & Manufacturing sector (11.2x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Asquan is a specialist in providing premium, multi-category packaging solutions for the beauty industry. The company has built a prominent reputation through its broad offering of custom-designed products, catering to the diverse needs of cosmetic brands. Asquan has a particularly strong presence in the United States, where it collaborates extensively with dynamic and fast-growing independent brands, often referred to as "indie brands." This focus allows the company to remain agile and responsive to emerging market trends. The company is also recognized for the quality of its organizational structure and efficient operational processes, which ensure reliable execution for its clients. It operates on a "fabless" model, focusing on design and project management while outsourcing manufacturing. In 2025, Asquan's dedication to sustainable and ethical practices was recognized with an EcoVadis Gold medal, underscoring its strong performance in environmental, social, and governance (ESG) criteria. The firm's core expertise lies in creating innovative and high-quality packaging that helps brands connect with their consumers.

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Historical Financials (EUR)

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REFERENCES

Revenue range: 10M - 30M EUR

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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: asquan

Acquirer: cosmogen