Carlyle, through two of its buyout funds, has agreed to acquire cosmetics packaging firm HCP Packaging from Baring Private Equity Asia (BPEA). The financial terms of the deal were not disclosed.

Founded in 1960 and headquartered in Shanghai, HCP is one of the world’s largest beauty packaging providers with 10 manufacturing facilities across China, the United States, Mexico and Europe. An award-winning packaging designer, HCP works with over 250 leading cosmetics, skincare and fragrance brands including Estée Lauder, L’Oreal and Shiseido.

Carlyle says it will leverage its deep experience in the consumer and manufacturing industries to support HCP in scaling its operations and growing its customer base globally. The US private equity firm will also work with HCP in exploring strategic acquisitions, further strengthening the company’s R&D capabilities, and facilitating business synergies and alliances.

During BPEA’s ownership, HCP has experienced transformative growth. With BPEA’s support, HCP has become an even stronger primary packaging supplier for both color cosmetics and skincare products with expanded product technology as well as geographical footprint.

“We are incredibly proud of our journey to become a leading cosmetics packaging manufacturer and would like to thank BPEA for their support over the past six-and-a-half years,” says HCP president and chief executive officer Eddy Wu.

“Our strategic priorities continue to be centred on driving sustainable packaging innovation and delivering top-quality services and best-in-class operational excellence to our customers around the world. We are delighted to partner with Carlyle and to have a new owner with such high calibre. We look to leverage Carlyle’s global platform strengths for our next phase of growth and as we expand our leading market position internationally.”

The transaction is expected to close in the third quarter, subject to customary regulatory approvals.