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L Catterton, a global investor in the consumer sector, has signed an agreement for the acquisition of a majority stake in Kiko Milano, an Italian brand active in beauty founded by the Percassi family which, as stated in a note, «will maintain a stake significant in society.” Kiko closed 2023 with revenues of approximately 800 million euros, with growth close to 20% compared to the previous year. “We are open to a partnership that we believe will help accelerate Kiko’s growth globally,” said Antonio Percassi, who will remain as president of the company. The terms of the operation are top secret, but based on sources close to the dossier, the company has been attributed an enterprise value of around 1.4 billion euros.
Founded in Bergamo in 1997 by Antonio and Stefano Percassi, Kiko is one of the largest independent cosmetics brands in the world, boasting a retail network of more than 1,100 stores in 66 markets and an efficient e-commerce platform. The company has customers of all ages with a solid and loyal relationship.
Nik Thukral, managing partner of L Catterton’s Flagship Buyout Fund, said: «We are deeply honored to partner with Antonio and the Percassi family to further strengthen the global positioning of this brand, together with John Demsey, a leading industry expert and senior advisor by L Catterton.” Arabella Caporello, partner of L Catterton Europe, reassured that the CEO, Simone Dominici, will remain at the helm. “We look forward to working alongside the CEO and his team to unlock the company’s incredible potential,” she said.
L Catterton has significant global investment experience in over thirty beauty brands around the world, including Intercos, Elemis, Etvos, Maria Nilla and Oddity.
L Catterton was assisted by the Bonelli Erede firm and PriceWaterhouseCoopers, while the Percassi family was assisted by BofA Securities, Intesa Sanpaolo, Bnp Paribas, Studio Gatti Pavesi Bianchi Ludovici and Deloitte.