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Invest Cyprus 30/04-30/03/2019

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Morgan Stanley and Chinese Profex to Acquire Majority Share in Korres through Cypriot Nissos Holdings

Morgan Stanley and Chinese Profex to Acquire Majority Share in Korres through Cypriot Nissos Holdings

US investment fund Morgan Stanley and Chinese company Profex have agreed to acquire majority share in leading Greek natural cosmetics producer Korres for €48.3 million ($58 million), the three companies announced.

Morgan Stanley, through its investment fund North Haven Private Equity Asia (NHPEA) Maiden Holding B.V., has agreed to acquire 56% shares of Korres, while Profex, a pioneering dermatology and skincare company in China, will acquire 14%. NHPEA and Profex will subscribe for cash for a total of €48.3 million.

According to Deal Street Asia, the transaction will be made through Cyprus-based company Nissos Holdings, founded by Korres last March. Nissos will buy out 52.3% of the Korres shares, of which 6.6% belongs to company founder Giorgos Korres and 45.7% percent to other stakeholders.

Profex’s investment in Korres will give the leading Greek natural cosmetics producer access to the Chinese dermatology and skincare market, where Profex holds a leadership position.

Profex and Korres also agreed to enter into an exclusive license and supply agreement for Profex to distribute Korres products not only in mainland China, but also in Hong Kong and Macau, according to the announcement.

When the deal is completed, Nissos is expected to implement a €10 million ($11.08 million) capital increase to fund the future expansion of the Korres group.



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