Private equity firm CITIC Capital Holdings is in advanced discussions to purchase premium cosmetic packaging company Axilone, owned by Oaktree Capital Management.

Subject to legal and regulatory approvals, the transaction could complete before year end, and could be a shrewd move for CITIC Capital with the Paris-based packaging company having reported strong growth over the past two years thanks to its ‘primary plastic and metal packaging solutions for premium lipstick, fragrance, and skincare sectors.’

Jean Rollier, Managing Director of Oaktree and President and CEO of Ileos Group, said: “Axilone has enjoyed strong growth during Oaktree’s holding period, and we believe the company is well positioned to continue its trajectory to enhance its leadership in the beauty care packaging category.”

As part of the deal, Moelis & Company acted as financial advisor for CITIC, with Latham & Watkins acting as legal counsel to the company. Meanwhile Oaktree used the services of Rothschild & Co as financial advisor and Weil Gotshal Manges as legal counsel.