Baring Asia has acquired cosmetic packaging company HCP Packaging from private equity firm TPG Capital Management.
The acquisition will see a total of $1.55 billion returning to investors in 2015, according to a letter to its limited partners reviewed by Reuters. It rounded off a total of 14 deals by the company in Asia this year, which was a widely volatile market.
The company, along with other private equity firms, has been making moves to increase its foothold in the Asian market, all launching multi-billion dollar deals to forge ahead. However, shedding some of these businesses has proved more difficult given the volatility of the market.
According to source, TPG Capital Management sold HPC Packaging to Baring Asia for $775 million after it acquired the company – responsible for making luxury cosmetic packaging for the likes of Estée Lauder, P&G, Walgreens Boots Alliance, Clarins.