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TPG acquires Chinese cosmetics packaging company for $600m

Private equity fund in the US, TPG Capital has acquired the Chinese cosmetics packaging company HCP Holdings for around $600m, Reuters reported, citing a report from its publication Basis Point.

HCP, which has manufacturing units in China, US and Mexico has reported an increase in sales to $160m in 2011 compared to $102m in 2007.

The cosmetics packaging molder has about 3% of the global market for cosmetics plastic packaging and hopes to achieve revenues of $185m for the current financial year.

Post acquisition of bankrupt US-based Bridgeport Metal Goods in 2004 for an estimated $6.5m, HCP obtained new technologies to develop and produce, in cosmetics packaging.