Beauty innovator Knowlton Development Corp. might be expanding overseas: The private investment firm Cornell Capital revealed the acquisition of the Canadian beauty manufacturer on Thursday in a bid to go international.
The firm, which manages about $2.5 billion in assets, will acquire KDC for an undisclosed amount. Cornell, which recently partnered with hairstylist and entrepreneur Frédéric Fekkai to acquire Fekkai Brands, said it plans to expand KDC beyond North America, particularly in parts of Asia and Europe.
“KDC fits seamlessly with Cornell’s strategy to invest in companies with excellent management teams and in industries that are thriving and poised for international expansion. We are impressed with the growth that the company has enjoyed under Nick’s leadership, and we have a shared vision for building on this strong trajectory,” Henry Cornell, the firm’s founder, said in a statement.
KDC chief executive officer Nicholas Whitley added that the acquisition “comes at the perfect time for KDC,” allowing the company to continue growing.
KDC was founded in 2002 and has made seven acquisition involving other companies in the last four years.
The company, which is headquartered in the Canadian province of Quebec with nine additional facilities across North America, manufactures color cosmetics, skin-care and hair-care products, soaps, cleansers and medical items, among other things. In June 2018, KDC opened an Innovation Lab outside of New York City.
As part of the transaction, Caisse de dépôt et placement du Québec, a Canadian fund manager, and investment firm Investissement Québec, both longtime shareholders of KDC, will retain a significant stake in the company. The transaction is expected to be complete over the next quarter.