MILAN – This is a busy summer for Italian color cosmetics supplier Intercos Group.

After buying skin, hair and body care manufacturer Cosmint Group, the Italian beauty giant announced on Monday a partnership with Ontario Teachers’ Pension Plan.

In particular, Dafe 4000 S.p.A. and Dafe 5000 S.r.l. — holdings headed by Intercos’ president and chief executive officer Dario Ferrari — and CP7 Beauty Luxco S.à.r.l. — a holding company of L Catterton — have signed an agreement with Canada’s largest single-profession pension plan for the sale of a minority stake in Intercos.

Following the agreement, Ontario Teachers’ Pension Plan will hold 20.59 percent of the company. CP7 Beauty Luxco S.à.r.l. will account for 33.75 percent of Intercos, while Ferrari’s Dafe 4000 and Dafe 5000 will hold 31.93 percent and 12.27 percent of the firm, respectively.

In addition, Ferrari will retain control of the company, keep the majority of voting rights and the right to appoint the majority of Intercos’ directors.

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The deal with Ontario Teachers’ Pension Plan aims to strengthen Intercos’ shareholder structure and enable the firm to continue pursuing its future development plans.

“Intercos is developing in a dynamic way,” said Ferrari, referring to the Cosmint acquisition, which was completed on Thursday. According to Ferrari, the acquisition “enables us to improve our presence in several market segments and to significantly increase our production capacity” while the partnership with Ontario Teachers’ Pension Plan will support such expansion financially.

“We are pleased to have taken a stake in a world leader in the creation, development and contract manufacturing of makeup cosmetics and skin care,” said Jo Taylor, senior managing director of Ontario Teachers’ Pension Plan. “Our Relationship Investing team has the knowledge, experience and financial backing to complete sophisticated deals and foster a long-term relationship with Intercos,” concluded Taylor.

Established in 1990, Ontario Teachers’ Pension Plan pays pensions and invests plan assets on behalf of 318,000 working and retired teachers. The independent organization counts 1,100 employees among its head office in Toronto and investment offices in London and Hong Kong, and registered $175.6 billion in net assets at the end of 2016.

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.

In 2016, Intercos reported revenues of 449 million euros.

As reported, 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.

In 2016, Cosmint had sales of 140 million euros. Projected 2017 revenues for Intercos and Cosmint together hover around 700 million euros.