Funds managed by KKR have agreed to acquire Ci FLAVORS, the Japanese beauty and lifestyle brand group behind &honey, from all its existing shareholders, the companies announced in Tokyo on 25 August.
Why KKR is buying Ci FLAVORS Co., Ltd.
KKR's head of Japan private equity, Eiji Yatagawa, said Ci FLAVORS had built a distinctive position through consumer-led product development and a varied brand portfolio, and that KKR would use its consumer network and operating experience to support growth in Japan and abroad. The company plans international and category expansion, talent development and acquisitions.
Deal terms and financing
KKR is buying 100% of the shares from founder Yusaku Horiuchi, L Catterton, eBeauty Group, Yanagi Capital Partners and other holders. Horiuchi and chief executive Yoshiaki Okura will invest alongside KKR. The price was not disclosed.
Market context
Founded in 2011, Ci FLAVORS spans haircare, skincare, body care and lifestyle products, with brands including &honey, 8 THE THALASSO, unlabel, THERATIS and MOROCCAN BEAUTY. It also does OEM manufacturing, runs direct-to-consumer and department-store channels, and has grown overseas sales in Asia and North America. L Catterton invested in 2022.
