PM & Partners buys Cosmelux

Switzerland-based private equity firm Capital Dynamics participated in the transaction alongside PM & Partners, deploying capital from the mid-market investment programme of its private equity co-investment business.

Following the deal, the founding Zorloni family will retain a 30% stake in the company and maintain a managerial role.

A pool of banks composed of Banco BPM, Intesa Sanpaolo and Crédit Agricole, alongside debt specialist Anthilia Capital Partners, provided a debt package including both senior and mezzanine facilities.

Cosmelux is the second deal inked by PM & Partners via its third fund, following its acquisition of cycling clothes and accessories producer Cytech, bought in March 2021. PM & Partners III has a €300m target and invests in Italian companies with revenues of €30-120m.

PM & Partners and Capital Dynamics intend to boost the company's growth both organically and via acquisitions, and bolster its expansion in new market segments across the cosmetics industry and new geographies.

Company
Established in 2002, Cosmelux specialises in lacquering and UV metallisation for the cosmetics packaging industry.

Its customer base includes packaging companies such as Albéa, RPC, Texen and Aptar, as well as international cosmetics and beauty brands, including L'Oréal, LVMH, Coty, Estée Lauder and Yves Rocher.

The company generates annual revenues of around €30m.

People
PM & Partners – Andrea Mugnai (founder, managing partner).
Capital Dynamics – David Smith (senior managing director).

Advisers
Equity – Alpeggiani (legal); Banca Euromobiliare (M&A); EY (financial due diligence); ERM (ESG due diligence); King & Wood Mallesons (legal).
Company – PwC (financial due diligence).

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