KDC/ONE’s portfolio looks set to grow again with the announcement that the custom formulator and manufacturer of beauty and personal care products is to acquire rival Chinese company Shanghai Paristy Daily Chemical Co.
The company, expected to close in Q1, is KDC/ONE’s first Asian acquisition.
Cornell Capital acquired KDC/ONE in December 2018, along with a handful of other investment firms.
Henry Cornell, Founder and Senior Partner of Cornell Capital, said: “We are pleased to welcome Paristy into the KDC/ONE family as our first wholly-owned Asia-Pacific manufacturing hub, enhancing our ability to serve the needs of our global Prestige Beauty clients and an increasingly diverse and global customer base.
“With more than 50 years of history in Asia and with a shared commitment to bringing cutting edge innovation and high-quality manufacturing capabilities to its customers, Paristy is the ideal partner with which to expand KDC/ONE’s operational footprint in China.”
Paristy specialises in powder, lip, face and liquid cosmetic products for emerging prestige and mass market beauty brands.
The business is headed by Jerome Shen and Angel Luo. Shen will continue to serve as Managing Director of Paristy under KDC/ONE.
Shen added: “KDC/ONE’s track record of innovation and its dedication to delivering value added services to brands has set it apart in North America and Europe, and we look forward to the opportunity to play a key role in the expansion and growth of its presence in the Asia market.
“We view this transaction as a positive for our team as we join the KDC/ONE group, and for our customers, who will benefit greatly from the broader platform this creates for our current technologies and manufacturing capabilities.”
KDC/ONE has nearly doubled the size of the company over the past year.
In November 2019, KDC/ONE acquired beauty formulator Benchmark Cosmetic Labs, while in July 2019 it bought French beauty group Alkos.