CITIC Capital China Partners III, a fund managed by CITIC Capital Holdings, is on track to acquire premium packaging supplier Axilone by the end of this year.
The private equity arm of CITIC is said to be in advanced talks with funds managed by Oaktree Capital Management, Axilone’s current owner, ahead of a potential takeover.
Hanxi Zhao, Senior Managing Director of CITIC Capital, said: “We are very excited about this opportunity.
“Axilone is a leading player in the beauty care packaging sector, serving leading customers globally with unparalleled product quality and service.
“We are committed to working with the talented management team to continue to tap into the enormous potential in the space, and take their success to the next level globally.”
Axilone is part of the Ileos Group and provides plastic and metal packaging for premium colour and skin care products.
Jean Rollier, Managing Director of Oaktree and President and CEO of Ileos Group, said: “Axilone has enjoyed strong growth during Oaktree’s holding period, and we believe the company is well positioned to continue its trajectory to enhance its leadership in the beauty care packaging category.”
Axilone is headquartered in Paris, France, but has subsidiaries in France, Spain, the US. and China. It also has manufacturing facilities in France, Spain and China.