A Hong Kong-based private equity firm, CITIC Capital, has acquired New Zealand beauty company Trilogy International. The deal is reported to have been completed late last week and is thought to be valued at AUS$192 million, although financial terms were not disclosed.

Trilogy owns several well-known natural beauty and home fragrance brands, including the eponymous Trilogy, Ecoya and By Nature.

“We are delighted to become the new owner of TIL Group,” said Hanxi Zhao, Senior Managing Director of CITIC Capital. “Over the coming months we will be working closely with the talented TIL management team, to map out next steps and strategies, and to continue to grow each of these businesses and enhance the footprints of its brands. We are intrigued by the opportunity ahead of us.”

TIL Group CEO Angela Buglass, added, “This is a significant milestone for our company and I am excited by the change in the ownership and our future prospects… We will continue to grow our home markets in New Zealand and Australia as well as to expand the global footprints for our brands. We will also continue to strengthen the CS&Co distribution platform. The company has tremendous growth potential, and also provides attractive career development opportunities for our people as we invest to grow. We are looking forward to taking TIL to the next level with the support of our new shareholder.”