HONG KONG, July 26 (Reuters) - U.S. buyouts fund TPG Capital has acquired China speciality packaging company HCP Holdings Inc from members of the founding Chen family for about $500 million, a source with knowledge of the matter told Reuters.
The two firms confirmed the deal -- a rare example of an acquisition of a family-run business in China -- in a joint statement posted on the website of Shanghai-headquartered HCP Holdings on Thursday, without giving a value.
The sale means TPG acquires all of HCP, the source said. A family-run firm for over 50 years, HCP designs and makes luxury packaging for cosmetics, skincare and fragrance industries. Its clients include L‘Oreal SA and Shiseido. (Reporting by Stephen Aldred; Editing by Gary Hill)