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TPG completes acquisition of Chinese packaging company for $500m

US-based private equity investment firm TPG Capital has completed the previously announced acquisition of Chinese cosmetics packaging company HCP from members of the founding Chen family for about $500m.

HCP has manufacturing facilities in Chinese cities including Shanghai, Guangzhou and Suzhou, as well as in Mexico and designs, manufactures primary packaging containers for cosmetics, skincare and fragrance industries.

TPG Asia managing partner Stephen Peel commenting on the acquisition said: "We believe our capital and operational experience can help HCP accelerate its growth and ensure success in the next stage in its development."

The company, which has been active in the graphics packaging sector in the past, merged US-based Graphic Packaging with Altivity Packaging in 2007.

TPG has $51.5bn of assets under management and previously invested in packaging and retail sectors including Graphic Packaging, Bally, J.Crew and Neiman Marcus.