THE WHAT? A private equity firm based in Hong Kong, ShawKwei & Partners has announced the acquisition of Rauxel, according to a report published by Deal Street Asia. Terms of the deal were not disclosed.

THE DETAILS The Aussie contract manufacturer, which specialises in botanicals and natural extracts, will be merged into ShawKwei’s existing portfolio company, Icons Beauty Group

THE WHY? ShawKwei told Deal Street Asia that the purchase is part of a strategic expansion it is pursuing for Icons Beauty Group. From Rauxel’s perspective, the deal will enable global expansion to a larger customer base.