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Carlyle made up with 3x German exit

Ardian bought ADA Cosmetics from its recently-closed Expansion Fund III

Paris-based Ardian has acquired cosmetics company ADA Cosmetics from The Carlyle Group’s European technology investment arm.

Financial details were not disclosed. However, the enterprise value of the deal was approximately €100 million, representing a 3x return for Carlyle, according to a source close to the matter.

Both firms declined to comment on financials.

ADA Cosmetics, a supplier of cosmetics and accessories to premium hotels in Europe, Asia and the Middle East, was originally purchased by the €530 million Carlyle Europe Technology Partners Fund II back in 2011.

The deal is Fund II’s fourth exit overall and its third in the DACH region in the last three years, following IT processing business UC4 in 2012 and HR software provider Personal & Informatik in 2013.

Under Carlyle’s ownership, ADA Cosmetics saw revenue grow by more than 20 percent to over €50 million, while EBITDA increased by almost 70 percent, according to a statement from the firm.

For Ardian, this is the eighth investment from its Expansion Fund III, which closed in March on €500 million. Most recently, it took a 49 percent stake in Micropross, a French software company that specialises in smart card technology, in March. Earlier deals included CLS Group, a French provider of environmental data collection and location services, and Synerlab, a pharmaceutical manufacturing firm.

Carlyle was advised by Altium Capital and Ardian was advised by Deloitte.