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TPG buys China packaging firm HCP Holdings for $500 mln -source
July 25, 2012 / 10:20 PM / 5 years ago

TPG buys China packaging firm HCP Holdings for $500 mln -source

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)

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