Catterton, ClearVue partner for Intercos deal

The private equity duo is pairing up to expand the business in the US and China

Consumer-focused private equity firm Catterton and China’s ClearVue Partners have joined together in a financing round by cosmetics and skin care manufacturer and distributor Intercos, according to a joint statement.

Financial terms of the transaction were not disclosed, but the pair will take a significant minority stake in the company.

“We are thrilled to partner with Catterton as Intercos continues to expand its presence in the global beauty and cosmetics industry. Catterton brings proven expertise, decades of experience in the personal care industry and new resources that will enable us to accelerate our international development strategies, including further expansion in the United States and China,” Dario Ferrari, founder and chief executive of Intercos, said in a statement. Ferrari will stay on to manage the business.

While Catterton intends to help the business expand in the US, ClearVue will drive its China expansion. Intercos brought ClearVue in as a co-investor as “a reflection and belief that cosmetics industry in China will be a fast-growing end market and therefore of long-term strategic value to Intercos”.

Harry Hui, managing partner of ClearVue, added, “We believe in the growth potential of the cosmetics segment of China. Color cosmetics represent a fast-growing segment within the cosmetics industry. We feel excited to partner with Intercos, a leading global cosmetics company. We will work closely with Intercos to fuel its growth to the next level.”

ClearVue, which has made more than 10 investments in businesses that have the potential to expand in China, is a consumer-focused private equity firm in particular focusing on food and beverage, consumer products, internet and mobile.

The Shanghai-based firm raised $262 million for its debut vehicle, which closed in February last year. The fund was launched in August 2012 originally targeting $200 million and made a first close in early 2013, having raised about a third of its target.