Acon Investments backs Germaine de Capuccini

Unquote understands that the company has an enterprise value between €70-100m.

The deal was completed via a newco equally owned by Moonfish and Torreal. A debt package composed of a senior loan and a revolving credit facility for working capital was provided by Santander and Caixa Bank, a source familiar with the situation told Unquote.

The GPs intend to boost the company's product innovation and support its growth both organically and through additional acquisitions.

As part of the transaction, Acon partnered with Altius Partners, founded by Javier Asarta and Alberto Díez. The firm acquired a small minority stake in GdC and will be involved in supporting the management of the company in its expansion within the cosmetics sector in Spain and abroad.

Founded in 2017, Moonfish Capital Partners is a private equity house targeting majority and significant minority stakes in medium-sized companies based in southern Europe. The firm has an exclusive partnership with Acon in southern Europe, focused on developing co-investment opportunities that leverage Acon's experience and network in the US and Latin America.

This is the second investment made by Acon via Moonfish in Spain, following the acquisition of Contenur, a Madrid-based company specialising in waste collection, in December 2017.

Unquote understands that Moonfish is in the pre-marketing stage for its first fund, which will be launched in partnership with Acon and will focus only on southern Europe. The vehicle will invest equity tickets between €20-100m in companies with enterprise value in the €50-300m range.

Company
Established in 1964 by Carmen Vidal and headquartered in Alcoy,  Germaine de Capuccini is a developer, producer and supplier of professional skincare and cosmetic products. The company's customer base includes aestheticians, dermatologists, spas, beauty salons, hotels and clinics. GdC generated a turnover of €35m in 2018, of which 55% came from outside Spain, primarily from Belgium, Italy, the UK and Mexico.

People
Acon Investments - José Miguel Knoell (managing partner).
Moonfish Capital Partners - Marcos Lladó (managing partner).
Germaine de Capuccini - José Giner (CEO).

Advisers
Equity - Hogan Lovells (legal); Grant Thornton (financial due diligence); Garrigues (legal).
Company - Emmergia CDI Global (corporate finance); Carrau (legal).

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