Cornell Capital-backed Knowlton Development Corporation (KDC/ONE) has entered into a binding agreement to acquire Shanghai Paristy Daily Chemical Co., Ltd., a leading custom formulator and manufacturer of color cosmetic products, based in Shanghai, China.
WHO: Paristy is a leading custom formulator and manufacturer of color cosmetic products for established and emerging prestige and mass-market beauty brands. With a history that can be traced back to 1968 in Taiwan, Paristy has operated its Shanghai manufacturing base since 1993.
Established in 2002, KDC/ONE has grown organically and through acquisitions to become a leading custom formulator and manufacturer serving the prestige beauty, personal care, and household sectors. With 16 state-of-the-art manufacturing facilities in North America and Europe, KDC/ONE offers high-touch innovation, operational excellence, and speed to market to well-known and emerging brands. In December 2018, Cornell Capital, together with Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec (IQ), and HarbourVest Partners, LLC (HarbourVest), acquired KDC/ONE with a focus on driving international growth and enhancing the company’s high-quality manufacturing capabilities.
WHY: This strategic acquisition is the company’s first in Asia, and further underscores KDC/ONE’s commitment to providing vertically integrated custom formulation and innovative manufacturing and packaging solutions to its customers in Asia and brand partners around the world.
IN THEIR OWN WORDS: “We are pleased to welcome Paristy into the KDC/ONE family as our first wholly-owned Asia-Pacific manufacturing hub, enhancing our ability to serve the needs of our global Prestige Beauty clients and an increasingly diverse and global customer base,” Henry Cornell, Founder and Senior Partner of Cornell Capital, said in a statement. “With more than 50 years of history in Asia and with a shared commitment to bringing cutting edge innovation and high-quality manufacturing capabilities to its customers, Paristy is the ideal partner with which to expand KDC/ONE’s operational footprint in China.”
“KDC/ONE’s track record of innovation and its dedication to delivering value-added services to brands has set it apart in North America and Europe, and we look forward to the opportunity to play a key role in the expansion and growth of its presence in the Asia market,” Jerome Shen, President of Paristy, said in a statement. “We view this transaction as a positive for our team as we join the KDC/ONE group, and for our customers, who will benefit greatly from the broader platform this creates for our current technologies and manufacturing capabilities.”
“KDC/ONE is excited by all of the new possibilities that this combination will bring the Company. Paristy has proven capabilities in the formulation and manufacture of both pressed and wet powder, as well as other innovative color cosmetic products including concealer, primer and foundation,” Nicholas Whitley, President and CEO of KDC/ONE, said in a statement. “The addition of Paristy to KDC/ONE reaffirms our commitment to providing our solutions to our loyal customers in Asia and brand partners worldwide and we look forward to working closely with Jerome and his impressive team.”
“This is an exciting milestone for KDC/ONE as the Company establishes itself in Asia,” Joyce I-Yin Hsu, Partner and Head of Asia for Cornell Capital, said in a statement. “We continue to see significant opportunity in the region and are confident that this acquisition will further enhance KDC/ONE’s platform for customers around the world. I am proud of our team in Asia, who has been instrumental in building the relationship between Paristy and KDC/ONE, and look forward to all that is ahead for this fast-growing and innovative platform.”
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