INTERCOS acquired by L CATTERTON
Context
Catterton Partners (now L Catterton) has successfully finalized the acquisition of a significant minority stake in the share capital of the target organization. This strategic transaction marks the acquirer's initial entry into the Italian industrial market, specifically targeting the high-expertise cosmetics manufacturing sector. The strategic rationale for the move centers on the group's objective to accelerate the target's international development, with a primary focus on scaling operations in the United States and China. By partnering with an organization with deep consumer sector expertise, the target aims to bolster its technical operational depth and professionalize its global commercial footprint. The integration is designed to facilitate long-term growth following the target's strategic pivot away from a planned public listing, opting instead for private institutional support. This partnership provides the strategic resources required to navigate complex global beauty markets and ensures the continuity of the existing leadership team while providing the financial depth to pursue aggressive innovation-led expansion. The transaction also facilitates the exit of an existing institutional vehicle, streamlining the cap table for future scaling initiatives.
INTERCOS, which reported an EBITDA margin of LOGIN in 2013, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).
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Target
Intercos is a premier global technology organization specializing in the contract development and manufacturing (CDMO) of color cosmetics. The entity’s business model is centered on a B2B approach, serving as a primary innovation partner for major international beauty brands. Its value proposition is built on technical operational depth in chemical formulation, texture innovation, and high-precision manufacturing of powders, lipsticks, and skin treatments. Strategically, the firm focuses on the industrialization of aesthetic trends, leveraging a global supply chain to facilitate the rapid commercialization of premium cosmetic products. By integrating advanced research and development with large-scale production, the organization ensures a mission-critical role in the global beauty infrastructure. The entity prioritizes geographic expansion into high-growth corridors, particularly in North America and Asia, to maintain its status as a market leader in outsourced cosmetic engineering.
Ent. Value
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Historical Financials (EUR)
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REFERENCES
Revenue range: 250M - 500M EUR
EBITDA range: 25M - 50M 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).
Press release: view release
Acquirer: l catterton