MILAN — Italian color cosmetics supplier Intercos Group has signed a preliminary agreement to buy skin, hair and body care manufacturer Cosmint Group, which is owned by the Masu family.
The deal between Intercos and Cosmint will create one of the largest B2B beauty groups worldwide, counting 15 factories and 11 research centers across Europe, Asia and America, employing around 5,000 people globally, of which 4,000 will be at Intercos.
The purchase price was not disclosed.
The agreement states that the Masu family will maintain its current role at the helm of Cosmint Group. The family also has the opportunity to buy a minority stake in Intercos. In addition, following the completion of the deal, Cosmint’s president Decio Masu will join Intercos’ board of directors.
The deal is expected to close in the second half.
“Intercos will now be able to satisfy customers’ needs in virtually all categories of the beauty industry,” said Intercos Group’s founder and president Dario Ferrari.
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He also mentioned significant growth “in terms of organizational skills and production capacity” of his company due to Cosmint’s know-how in the skin, hair- and body-care department and its factories in Italy and Poland.
Decio Masu underscored how the agreement enables his company to “reach a global dimension. Together we have created an Italian powerhouse at the center of the beauty industry.”
In 2016, Intercos reported revenues of 449 million euros, or $509.4 million at current exchange, and Cosmint had sales of 140 million euros, or $158.5 million.
Projected 2017 revenues for the two companies together hover around 700 million euros, or $792.7 million.
Founded in 1972 and based in Agrate Brianza — a 40-minute drive from Milan — Intercos manufactures and supplies lipsticks, eye shadows, mascaras, foundations, powders, pencils, nail polishes and skin-care products to almost 500 customers worldwide.
Operating in the industry for over 20 years, Cosmint is based in Olgiate Comasco, near Como, in Italy.