By
Bloomberg
Published
May 4, 2024
Banks including Barclays Plc and UniCredit SpA are lining up €500 million ($538 million) in debt financing to back L Catterton’s purchase of a majority stake in Italian beauty brand Kiko, according to people familiar with the matter.
Private equity fund L Catterton is backed by luxury giant LVMH Moet Hennessy Louis Vuitton SE, and recently entered into a definitive deal with the Percassi family, the founders of Kiko, to buy a stake in the company. The family will retain a significant stake in the business.
Other underwriters on the debt, which will be a bridge loan that will be replaced with a bond, include Deutsche Bank AG and Intesa Sanpaolo SpA, the people said, who asked not to be named discussing a private matter.
Spokespeople for Barclays and UniCredit declined to comment. Spokespeople for Deutsche Bank, Intesa Sanpaolo and L Catterton did not immediately return requests for comment.
Kiko, founded in 1997 by Antonio and Stefano Percassi, is a global cosmetic company with a retail network of 1,100 stores in 66 countries. The firm reported net revenue of about €800 million ($861 million) in 2023, a 20% increase versus the prior year, it said in a recent statement.
L Catterton, backed by LVMH and the holding company of its founder, Bernard Arnault, has invested in over 30 beauty brands globally, including Intercos, Maria Nilla and Oddity.