MILAN- Italy's Intercos said on Monday its main investor agreed to sell minority stakes in the sub-holding companies controlling the cosmetics group to Singapore's sovereign wealth fund GIC.
Intercos, which produces make-up and skincare products for other brands, did not provide financial details of the accord but said that its founder and Executive Chairman Dario Ferrari would retain control of both the holdings and the company after the deal.
Under the deal, GIC will indirectly hold 9% of Intercos, a market source told Reuters.
U.S. private equity firm L Catterton holds a direct 35% stake and the Ontario Teachers Pension Fund a 20% one.
The deal "strengthens Intercos' shareholding structure and supports its development plans", the company said in a statement.
Ferrari said that the partnership with GIC would help the company's growth in Asia, "the region with the highest development potential for our sector and for Intercos".
The group had picked banks for an initial public offering (IPO) which was due in the first half of the year but in March had to suspend the plans due to the coronavirus crisis.
(Reporting by Giulia Segreti) ((Giulia.Segreti@tr.com; +39.06.80307714;))