KKR has made a significant investment in Knowlton Development Corp., a service provider for beauty brands, to support its continued strategic growth. Cornell Capital will remain Knowlton Development Corp.’s largest shareholder. The existing investor group, including CDPQ, will remain as owners of KDC. Additionally, Knowlton Development Corp. has acquired Aerofil Technology, a provider of aerosol and liquid manufacturing.
Knowlton Development is an innovation and services provider to many of the world’s leading brands in the beauty, personal care, and home care categories. The firm has over 30 manufacturing and R&D facilities across the globe and offers a networked value-chain in the ideation, formulation, design, packaging, and manufacturing of products for over 1,000 brands across an expansive array of categories. Aerofil operates a modern, high-speed 400,000 square-foot facility and provides aerosol and liquid filling services across the household and personal care segments.
“Welcoming KKR as a strategic investor further validates the kdc/one story and the exciting growth opportunities we see in front of us,” said Nick Whitley, CEO of KDC. “This significant investment, along with KKR’s experience and expert insights across the consumer products sector, further enables us to continue executing on our strategic plan, including both organic as well as inorganic growth.”
“We are pleased to welcome the Aerofil team to the kdc/one family. The addition of Aerofil’s modern, high-speed aerosol and liquid capabilities is immediately relevant to many of our more than 700 customers across both the home care, beauty, and personal care categories,” continued Whitley. “The culture at Aerofil aligns extremely well with that of kdc/one, as does our shared commitment to customer service. We are confident there are many exciting growth opportunities as we combine our businesses.”
Guggenheim Securitiesand UBS Securities are acting as financial advisors to KDC. Weil, Gotshal & Manges is acting as lead counsel toKDC, and Stikeman Elliott is acting as Canadian counsel. Deutsche Bank Securities is serving as a financial advisor to KKR. Simpson Thacher & Bartlett is acting as lead counsel to KKR, and Blake, Cassels & Graydon is acting as Canadian counsel. Lincoln International is acting as financial advisor to Aerofil, and Armstrong Teasdale is acting as legal counsel.