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Capvis-backed Gotha Cosmetics to grant PAI Partners exclusivity 'in coming days'

  • Cristiano Dalla Bona , Micaela Osella and Valentina Caiazzo
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Private equity house Capvis is set to choose PAI Partners as the preferred bidder for the auction for portfolio company Gotha Cosmetics in the coming days, according to two sources close to and two sources familiar with the situation.

US sponsor AEA Investors, Windpoint-backed Voyant Beauty were among the initial bidders alongside Europe's Triton and PAI itself; China's Fountainvest was also a bidder, the sources said.

Second-round bids in the William Blair-led auction were due last week, the sources said, and only PAI Partners, which is being advised by Jefferies, confirmed its offer. A signing is possible before the summer holiday break, all the sources added.

The transaction will be for the whole business, which has been marketed off a projected 2023 EBITDA of EUR 42m; the price could be more than EUR 400m, as reported by Unquote sister publication Mergermarket.

Capvis acquired a majority in Gotha Cosmetics for an undisclosed sum in September 2016, and the management holds the remainder.

Gotha Cosmetics, Voyant Beauty and Capvis did not respond to requests for comment. Jefferies and PAI declined to comment.

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