Japan-listed cosmetics giant Kose has acquired Thai holistic beauty and wellness brand Panpuri from local private equity firm Lakeshore Capital and shareholders, according to an announcement.
Kose, whose high-end brands include Decorte and Tarte, is paying $79 million to $85 million for an 80% stake in Panpuri, Nikkei Asia reported. The deal, which is expected to be completed on December 30, 2024, marks Kose’s first acquisition since 2014.
Founded in 2003 by Vorravit Siripark, Panpuri is a fragrance and wellness brand that sells aromatic diffusers, and candles, among other skincare products, resembling that of L’Oréal’s Aesop
It also has spa locations in its home country and Malaysia. The Thai company claimed that it generated revenues of $32 million in 2024.
“With this acquisition of shares, we will accelerate the global strategy set forth in our medium- to long-term vision and aim to establish a presence in the Global South (Latin America, Asia, Africa, and Oceania) markets and further enhance our value,” said Kose president and CEO Kazutoshi Kobayashi.
IFC-backed Lakeshore first entered into the investment in 2018 through its first fund, marking a holding period of around six years. The upcoming exit should aid Lakeshore in its capital-raising efforts for the third instalment of its fund, which is seeking around $250 million.
Lakeshore is joining its local peer Lombard Asia in attempting to monetise from existing investments. Lombard debuted Japanese restaurant operator Maguro in a local initial public offering this year while actively marketing the sale of the flower business Hasfarm.
The two money managers are among other global players that are under growing pressure from their investors to return capital at a time when traditional exit options in the public and M&A markets remain daunting. Funds with holdings in Southeast Asia are feeling a tighter squeeze as their portfolios struggle to shape up for IPOs due to weak earnings growth or limited liquidity in the capital markets.
