Bain Capital Private Equity has announced the acquisition of World Wide Packaging, alongside an agreement to purchase a Chinese cosmetics packaging manufacturer.
The firm has plans to merge the two companies to form a fully integrated solutions provider, looking to utilise World Wide Packaging’s experience as a leading provider of cosmetic packaging components, plastic tubes, and formulation/filling technologies while providing innovative solutions to beauty brands in the US through the manufacturing capabilities in China.
As part of the deal, senior management at World Wide Packaging will remain in place, with CEO Barry Freda continuing to head up the team in the new merger.
Freda said, “Having enjoyed more than four decades of uninterrupted growth, World Wide Packaging is excited about Bain Capital’s investment in our future growth. World Wide Packaging looks forward to bringing our high quality, award-winning packaging innovations, and speed to market to more companies across the globe.”
Jonathan Zhu, a Managing Director at Bain Capital Private Equity, said: “With this deal, the combined entity will have a customer-facing function primarily in the US, and manufacturing, sales and marketing operations in China. We look forward to working with World Wide Packaging to preserve and enhance its presence in the independent beauty market and grow its presence among large beauty players, in the US and beyond, particularly in China, where demand for cosmetics is growing three times as fast as the US.”