Novacap sells KDC to consortium led by Cornell Capital
Canadian mid-market private equity firm Novacap has sold Knowlton Development Corp (KDC), a Longueuil, Québec-based custom maker of beauty, health and personal care brands, to a consortium led by Cornell Capital. Terms weren't disclosed. Cornell, a U.S. private equity firm, was joined in the deal by HarbourVest Partners and others. Caisse de dépôt et placement du Québec and Investissement Québec, which partnered with Novacap in KDC's $165 million recapitalization in 2014, will roll over their stakes. Acquired in 2002 by Novacap, KDC has grown organically and through acquisitions. Cornell Senior Partner Henry Cornell said his firm will work with the company's management team to expand operations, particularly in Europe and Asia.
8 November 2018•6 mins read
