Navis Capital Partners has agreed to sell its majority stake in Alliance Cosmetic Group to Mandom Corporation, according to a report published by Deal Street Asia.
The Kuala Lumpur-based private equity firm purchased a controlling interest of 80 percent in 2009 with Ekuiti Nasional Bhd for RM160 million. Ekuinas sold its entire stake for RM61.8 million but terms of the sale to Japanese Mandom were not disclosed.
“The Silkygirl brand is a proven homegrown south-east Asian brand that competes successfully against multinational companies, by focusing on formulations suited to the Asian skin tone and on product development that delivers innovative quality products at an accessible price. We are delighted that the brand will find a new home with Mandom, who will be able to leverage its network and continue the journey of growth for Silkygirl,” said Navis partners Michael Octoman and Edwin Fua in a statement, per Deal Street Asia.
Alliance CEO Ng Chee Eng will remain in situ, as will the current senior management team. Ng added, “We enjoyed working with the Navis team and appreciated their support in entering new markets and investing behind the business. The new development with Mandom is an exciting evolution for us. With their global operations, we look forward to seeing how far we can expand the brand.”