KKR buys into Cornell Capital, CDPQ-backed beauty, homecare brand services business kdc/one

Global buyout giant KKR has made a strategic investment in Cornell Capital-backed beauty brands and home care end-to-end solutions specialist Knowlton Development Corporation.

The company’s existing investor group, including continued largest shareholder Cornell and CDPQ, will remain in place as owners of the business.

Knowlton, which is also known as kdc/one, also announced the acquisition of Aerofil Technology, a specialist in value-added services for aerosol and liquid manufacturing.

kdc/one says it offers a seamlessly networked value-chain in the ideation, formulation, design, packaging, and manufacturing of products for over 1,000 brands across the beauty, personal care and home care segments.

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KKR’s recent investments in the sector include Wella Company, Coty, The Bountiful Company, Charter Next Generation and Ingersoll Rand.

Felix Gernburd, a partner at KKR, said, “Many of the world’s leading beauty, personal care, and home care brands rely on kdc/one’s differentiated network and innovation capabilities to stay ahead of rapidly evolving trends and we believe the company is poised for significant growth in the coming years.”

KKR is making its investment in kdc/one through its North American private equity strategy.

The firm hauled in $9bn for its flagship North America Fund IX in 2014, before raising $13.9bn for its giant successor vehicle in 2017. It had raised close to $17bn for Fund XIII by November last year.

Source: Alt Assets

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