PE-backed KDC/ONE to buy Swallowfield's manufacturing unit
Knowlton Development Corp (KDC/ONE) has agreed to acquire the manufacturing business and related assets of Swallowfield plc, a Wellington, U.K.-based developer and maker of personal care and beauty products. The transaction, expected to wrap up in August, reflects a purchase price of about $57 million (£35 million), subject to a working capital adjustment. KDC/ONE, a Longueuil, Québec-based custom maker of beauty, health and personal care brands, said the deal, which follows this month's acquisition of Alkos Group, will grow its European production capabilities, add technologies, diversify its customers, and bolster distribution. KDC/ONE was acquired last year by a consortium led by U.S. private equity firm Cornell Capital for more than $1 billion.
