US beauty product manufacturer Maesa Group has successfully acquired Austrian brand P2 Cosmetics, available exclusively at DM, Germany’s largest drugstore retailer.

P2 Cosmetics joins Maesa Group’s beauty brand portfolio, including FLOWER for Walmart, CIRCA for Walgreens and ELLE for Monoprix.

Founded in 2004 as a beauty division of Austrian lingerie retailer Palmers Textil, P2 Cosmetics has become a mainstay in the German beauty industry.

P2 Cosmetics offer a wide range of cosmetics products available at an affordable entry price point, with an average retail price of €2.75 per product. Sold in 1,800 DM stores across Germany, with over 350 SKUs, P2 Cosmetics products are manufactured in Germany and France, and are 100 percent paraben and fragrance free.

P2 Cosmetics will continue to operate from its headquarters in Vienna under the brand’s current leadership team.

Gregory Mager, Founder and CEO of Maesa Group, “P2 Cosmetics has a proven track record of bringing innovation to the cosmetic category. This brand has piqued a strong interest for expansion in the US United States and Canada through an exclusive distribution model. I am excited for one of the most successful exclusive beauty brands in the world to join Maesa Group, and I look forward to continuing to grow the partnership with DM.”

Maesa Group’s total revenues are expected to reach US$185 million in 2015, post-acquisition. Through this acquisition, Maesa Group is affirming a strong growth ambition for the next five years, with the goal to reach US$350 million in revenue by 2020.