KKR, Henkel in final bid for Coty nail and hair – report

According to a report from Bloomberg, Advent and a consortium of Cinven and the Abu Dhabi Investment Authority did not advance to the final round.

The report also stated that Bain and Clayton Dubilier & Rice have left the process. Other bidders previously linked to the process include Blackstone and Unilever.

Credit Suisse is advising Coty on the sale process and KKR is advised by JP Morgan, according to reports.

The business could be valued at $7-8bn, according to reports.

Coty began to explore strategic options for its professional beauty business and its Brazilian operations in October 2019, and expects the process to complete by summer 2020. The business comprises a number of professional nail and hair care brands including OPI, GHD and Wella.

There were 44 large-cap buyouts valued at more than €1bn in Europe in 2019, compared with 48 such deals in 2018, according to Unquote Data. The €17.2bn Thyssenkrupp Elevator deal, backed by Advent, Cinven and RAG Stiftung, marks the largest private equity deal in the region since the financial crisis.

Large-cap carve-out deals in Europe in recent years also include the acquisition of a 55% stake in Thomson Reuters' financial and risk business Refinitiv by Blackstone, the Canada Pension Plan Investment Board (CPPIB) and GIC in early 2018, which valued the business at approximately $20bn​​​​​​.

KKR declined to comment.

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• Topics
• Investments
• Bain Capital
• Blackstone Group
• Cinven
• KKR
• Advent International