It is a very interesting time to be a dealmaker. Buyers are proceeding with caution, even as valuations drop. At the same time, strategic buyers are reshaping their portfolios to focus on their core brands. You can add Tupperware maker Tupperware Brands Corp. to that list.

The company recently reached a deal to sell its Nutrimetics beauty business, which operates in Australia, New Zealand and France, but didn’t say to whom, and a company spokesperson declined to give those details.

“We remain focused on executing on our turnaround plan, and the sale of our non-core assets, including Nutrimetics, aligns with this strategy by enabling the company to increasingly focus on growing our core Tupperware brand,” says Tupperware CEO Miguel Fernandez. “Our goal remains unchanged: to restore this iconic brand to sustained growth.”

In any macro-economic environment, companies look to divest the non-cor e parts of their business. This in turn creates buying opportunities for PE firms.Tupperware is also selling its Nuvo business. Nuvo has five product lines: beauty, fashion, bed and linen and household. Deal activity in the beauty/personal care space is expected to pick up in the second half, according to one report, as PE firms have tons of cash to spend.

Regardless, it will be interesting to see which brands PE firms decide to scoop up.

– Demitri Diakantonis