Luxembourg-based investment platform CP7 Beauty Luxco has placed 6 million shares in Italian beauty contract manufacturer Intercos via an accelerated bookbuild, for total proceeds of approximately €81 million. CP7 Beauty Luxco is controlled by L Catterton, the consumer-focused private equity fund owned by LVMH.
The placed shares represent approximately 6.2% of Intercos's total share capital, with UBS, Jefferies and BNP Paribas acting as joint bookrunners. Following the transaction, CP7 Beauty Luxco's holding falls from 12.85 million shares (13.33% of total share capital) before the deal to approximately 6.85 million shares, reducing its stake to around 7%.
This marks another partial selldown by L Catterton, a long-standing investor in Intercos. L Catterton first acquired a 43% stake in Intercos through CP7 Beauty Luxco in December 2014. Intercos listed on the Milan Stock Exchange in 2015 at an IPO price of €12.5. From the start of 2026 through to the eve of this selldown, the company's share price rose approximately 26%, closing at €13.8 before the placement, corresponding to a total market capitalization of approximately €1.3 billion.
Following the placement, the company's ownership remains highly concentrated. Intercos founder and chairman Dario Gianandrea Ferrari holds a combined 48.64% stake through his two holding vehicles Dafe 4000 and Dafe 5000; GIC holds 6.26%. The transaction has increased the company's free float, but L Catterton remains a significant shareholder in Intercos.
Founded in 1972 and headquartered in Milan, Intercos specializes in research, development and manufacturing for the world's leading beauty brands, and is currently led by group CEO Renato Semerari. On results, the company reported revenue of €512.5 million for the first half of 2026 (ended June 30), down 2.4% year-on-year at current exchange rates and down 0.5% at constant exchange rates. The second quarter was a standout, with quarterly sales of €285.1 million, up 4% year-on-year at current exchange rates and up 4.9% at constant exchange rates, marking the highest quarterly revenue in the company's history.
Profitability also reached new highs: second-quarter adjusted EBITDA was €47.5 million, up 5% year-on-year; first-half adjusted EBITDA totaled €72.6 million, down 2.6% year-on-year, with the margin stable at 14.2%. First-half adjusted net profit rose 33% year-on-year to €27.6 million, while net profit attributable to shareholders surged 43.8% year-on-year to €23.9 million.
As of June 30, 2026, the company's net financial position fell to €122.7 million from more than €134 million a year earlier, with a financial leverage ratio of 0.8x. The company said its order backlog is solid and it expects growth to accelerate further in the second half.
丨Source: Official press release
丨Image source: Intercos official website
丨Editor: LuxeCO
