KKR has become the latest private equity backer for beauty manufacturer Knowlton Development Corp., or KDC/One.
The move comes several months after KDC postponed an initial public offering that would have raised about $800 million for the business. KKR has made a “significant investment” in the manufacturer, according to a statement, though specific terms were not disclosed. Existing investor Cornell Capital will remain KDC’s largest shareholder.
At the same time as the KKR investment was unveiled, KDC said that it had acquired Aerofil Technology, which provides services related to aerosol and liquid manufacturing. Terms of that deal were also not disclosed.
KDC has been on an acquisition spree for several years, and now has more than 30 manufacturing and research and development facilities globally. The company provides ideation, formulation, design, packaging and manufacturing services for more than 1,000 brands across the personal care, beauty and home care segments.
The KKR investment is meant to allow KDC to continue its expansion. Nick Whitley, KDC’s chief executive officer, said the investment will allow the company to pursue “both organic as well as inorganic growth.”
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Guggenheim advised KDC on the deal, and Deutsche Bank advised KKR.
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