The parent company of Spanish luxury fragrance firm Puig, Exea has acquired a majority stake in Greek natural cosmetics company Apivita for an undisclosed sum, according to various reports.

The Catalan company will take a controlling interest, carried out via a share capital increase, with current Founder and CEO Nikos Koutsianas appointed Chairman and the Koutsianas family retaining a 33.3 percent stake.

Apivita boasts annual sales of €40 million and sells its products via drugstores, department stores and branded outlets across Europe.

Apivita will retain its Greek base and production line, including its state-of-the-art research facilities in Markopoulo.