North Haven Private Equity Asia IV LP managed by Morgan Stanley Private Equity Asia Limited, Profex, Inc., George and Apostolos Korres and Eleni Philippou completed the acquisition of 57.13% stake in KORRES S.A. - Natural Products from Alexia David, Pericles Stamatiades, Aggina Investment, George Korres, Damma Holdings SA and other shareholders for €39.4 million.
January 30, 2018
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North Haven Private Equity Asia IV LP managed by Morgan Stanley Private Equity Asia Limited, Profex, Inc., Giorgos Korres and certain members of his family agreed to acquire 52.3% stake in KORRES S.A. - Natural Products (ATSE:KORRES) from Giorgos Korres and other shareholders for €36.1 million on December 24, 2017. The purchasers will acquire the shares at a price of €5.08 per share. Completion of transaction is conditional on, among other things, consent by the lending banks of Korres. After completion of the purchasers will hold more than 82% of Korres and will therefore launch a mandatory takeover in order to acquire the remaining shares of Korres. Profex and KORRES will enter into an exclusive license and supply agreement by virtue of which Profex will undertake the distribution of KORRES products in the People’s Republic of China, Hong Kong and Macau.
North Haven Private Equity Asia IV LP managed by Morgan Stanley Private Equity Asia Limited, Profex, Inc., George and Apostolos Korres and Eleni Philippou completed the acquisition of 57.13% stake in KORRES S.A. - Natural Products (ATSE:KORRES) from Alexia David, Pericles Stamatiades, Aggina Investment, George Korres, Damma Holdings SA and other shareholders for €39.4 million on January 31, 2018. Under the transaction, Alexia David sold 13.25% stake, Pericles Stamatiades and Aggina Investment sold 12.73%, George Korres sold 6.61% stake, Damma Holdings SA sold 5.12% stake and other shareholders sold 19.42% stake. Under the transaction, 7.76 million shares of KORRES were acquired at €5.08 per share. EY acted as a financial advisor to Korres S.A
Korres Natural Products SA is a Greece-based company, which focuses mainly on the manufacture, in own or third party factories, distribution and trade of cosmetics, pharmaceuticals and homeopathy products. The Company operates through its subsidiaries: Kings & Queens Single - member Ltd, a Greece-based company engaged in the trade of cosmetics; Korres Homeopathy Products SA, a Greece-based company engaged in the trade of homeopathy products; Pharmacon North Greece SA a Greece-based company and Korres D-A-CH a Germany-based company, both engaged in the trade of cosmetics, pharmaceuticals and homeopathy products; Korres USA Ltd, a United States-based company engaged in the trade of cosmetics, as well as Calderdale Trading Ltd, a Cyprus-based company. Its business units include face & color products, body products, hair products, as well as pharmaceutical & others.
North Haven Private Equity Asia IV LP managed by Morgan Stanley Private Equity Asia Limited, Profex, Inc., George and Apostolos Korres and Eleni Philippou completed the acquisition of 57.13% stake in KORRES S.A. - Natural Products from Alexia David, Pericles Stamatiades, Aggina Investment, George Korres, Damma Holdings SA and other shareholders for €39.4 million.