L Catterton sells Intercos stake to Ontario Teachers'

The deal saw the private equity house and the company's CEO and chairperson, Dario Ferrari, sell a 20.5% stake to Ontario Teachers'. Following the transaction, Ferrari will retain his role and continue to head the business with a controlling stake, while the GP will keep a 33.7% holding.

Intercos aims to use the fresh capital to extend its production through the opening of two production plants in Italy and Poland.

In June 2017, the company acquired its Como-based competitor Cosimint Group. Following the purchase, the business expects to generate €700m in revenues in 2017.

Previous finding
In April 1998, PAI Partners acquired a 20% stake in the cosmetic products manufacturer for an undisclosed amount, and in May 2003, Equinox Investment acquired a stake in the business from PAI for €29m.

In September 2007, Eurazeo acquired a 40% stake in the company from Equinox and sold back its stake to the company's CEO, Dario Ferrari, in March 2014 for a reported €26.6m. Nine months later, L Catterton acquired a minority stake in Intercps in December 2014.

Company
Headquartered in Agrate Brianza, near Monza, Intercos produces skincare and makeup items such as lipsticks, powders, coloured emulsions and cosmetic pencils for the international cosmetics industry. The company was founded in 1972 and currently has 11 production facilities in nine countries. It employs 2,800 people.

According to public documents, Intercos posted a €449m turnover with €62.5m of EBITDA in 2016, and has a €132.8m net debt.

People
Ontario Teachers' Pension Plan – Jo Taylor (senior managing director).
Intercos – Dario Ferrari (CEO, chair).

Advisers
Vendor (management) – Cornelli Gabelli e Associati (legal); Lombardi Segni e Associati (legal).
Vendor (equity) – BonelliErede (legal).

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• Topics
• Exits
• Consumer
• Southern Europe
• Italy
• Partial sale