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Sun Capital secures EU approval to acquire Rexam’s toiletries unit for $459m

US private equity firm Sun Capital Partners has received approval from the European Commission for its proposed acquisition of UK's Rexam Personal and Home Care Packaging Business for $459m.

Rexam, which manufactures Red Bull and Pepsico cans as well as packaging for food, healthcare and cosmetic products decided to sell the division owing to rising costs and lower volumes at the underperforming business.

Announced in July 2012, the transaction combines the cosmetics and other personal care packaging businesses of Rexam PC and one of Sun Capital’s portfolio companies, Albéa.

EU’s investigation confirmed that the customers in the cosmetics and perfumery industry will continue to have alternative suppliers for cosmetic packaging, beside the merged entity.

The commission which investigated the vertical link between Rexam PC’s activities in airless and lotion pumps and Albéa’s plastic and laminated tube business, revealed that a number of competitors remain active for each type of cosmetics packaging concerned.

Rexam PC manufactures personal care packaging solutions including primary plastic packaging solutions such as compacts, mascara wands and lip gloss applicators, lipsticks, fragrance caps, cosmetic closures and pumps to the cosmetics and perfumery industry.