Written on: March 31, 2022 by SprayTM
Knowlton Development Corp. (kdc/one), global provider of end-to-end solutions for beauty, personal care, and home care brands, announced March 30 that KKR, a global investment firm, has made a significant investment to support its continued strategic growth. Cornell Capital will remain the Company’s largest shareholder and the existing investor group, including CDPQ, will remain in place as owners of kdc/one. Kdc/one also announced the acquisition of aerosol and liquid manufacturer Aerofil Technology. Financial terms of the transactions were not disclosed.
The strategic investment by KKR provides support for kdc/one’s continued growth and global expansion. KKR has expertise across consumer products, beauty and manufacturing—recent investments include Wella Co., Coty, The Bountiful Co., Charter Next Generation and Ingersoll Rand.
“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/one. “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 thrilled to invest alongside the existing ownership group and to support Nick Whitley and the kdc/one management team. Many of the world’s leading beauty, personal care, and home care brands rely on kdc/one’s differentiated network and innovation capabilities to stay ahead of rapidly evolving trends and we believe the company is poised for significant growth in the coming years,” said Felix Gernburd, Partner at KKR who will join the kdc/one Board of Directors.
“kdc/one is one of the most unique investment opportunities in consumer products and is a truly exceptional business that seeks to disrupt in the beauty and personal care space. We are excited to welcome KKR to our existing investment group supporting kdc/one’s continued growth and industry-leading position,” said Justine Cheng, Chair of the Board of Directors for kdc/one and Partner at Cornell Capital. “KKR’s investment allows the business to enjoy enhanced flexibility and agility as it continues to deliver unsurpassed innovation for its partners and customers around the world.”
KKR is making its investment in kdc/one through its North American private equity strategy.
The acquisition of Aerofil introduces aerosol to kdc/one’s North American network, complementing its existing European aerosol capabilities. The transaction allows kdc/one to offer customers a trans-Atlantic solution, while leveraging kdc/one’s industry-leading aerosol R&D and innovation expertise.
Headquartered in Sullivan, MO, Aerofil operates a modern, high-speed 400,000 square-foot facility from which the company provides both aerosol and liquid filling solutions across the household, personal care, and automotive segments to a broad range of customers. Aerofil has experienced dynamic growth in recent years as a result of its consistent focus on operational excellence and premier customer service.
“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,” said 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.”
“kdc/one is an organization built on trust, innovation, and execution, each of which is a value that has defined our own culture and philosophy,” said Daniel Wright, President & CEO of Aerofil. “kdc/one’s aerosol expertise and expansive set of customer relationships will help Aerofil reach even greater heights. We are an organization driven by our people and dedicated to the customer experience, and we are thrilled to be joining a like-minded team. We look forward to our collective growth in the years to come.”
About kdc/one
Headquartered in Longueuil, Québec, kdc/one is a global provider of value-added solutions to many of the world’s leading brands in the beauty, personal care, and home care categories. The Company partners closely with both industry-leading consumer products companies and fast-growing independent brands in the ideation, formulation, design, packaging, and manufacturing of products. The innovative products that kdc/one has helped to develop are sold by its brand partners in more than 70 countries worldwide. For more information, visit www.kdc-one.com.
About Aerofil
Headquartered in Sullivan, MOi, Aerofil operates a modern, high-speed 400,000 square-foot facility from which the company provides both aerosol and liquid filling solutions across the household, personal care, and automotive segments to a broad range of customers.
