admin Knowlton Development Corporation (KDC/One) and HCT Group have announced their definitive agreement to create a comprehensive global end-to-end solutions provider for the beauty and personal care industry.
As an innovative, global one-stop solution for customers ranging from Fortune 500 companies to indie, emerging and prestige brands, the two companies will partner to provide customers with an expanded suite of manufacturing and packaging solutions. Following the close of the transaction, Nicholas Whitley, President and CEO of KDC/ONE, and Tim Thorpe, President and CEO of HCT, will continue as CEOs of each business.
Established in 2002, KDC/ONE has grown organically and through acquisitions to become a leading custom formulator and manufacturer serving the prestige beauty, personal care and household sectors. With 16 state-of-the art manufacturing facilities in North America and Europe, KDC/ONE offers high-touch innovation, operational excellence and speed to market to well-known and emerging brands. In December 2018, Cornell Capital, together with Caisse de dépôt et placement du Québec (“CDPQ”), Investisement Québec (“IQ”) and HarbourVest Partners, LLC (“HarbourVest”), acquired KDC/ONE with a focus on driving international growth and enhancing the company’s high-quality manufacturing capabilities. Since then, KDC/ONE has made three acquisitions to scale the platform, acquire new technologies and expand globally.
According to the companies, the merger will provide customers with an expanded suite of manufacturing and packaging solutions.
Nicholas Whitley, president and CEO of KDC/ONE, and Tim Thorpe, president and CEO of HCT, will continue as CEOs of each business.
Whitely said, “This transformative transaction will enhance how we serve beauty and personal care brands around the world. Our vertically integrated platform will offer the industry a true one-stop solution. With the support of our partners at Cornell Capital, as well as CDPQ, IQ and HarbourVest, we have been able to build our reputation as a top-tier innovator for an expanded base of customers. HCT’s cutting-edge designs, engineering, manufacturing and global reach will enable us to further elevate our product and service offerings to better serve and anticipate the evolving needs of our valued customers.” Thorpe added, “KDC/ONE and HCT have highly complementary business models and together will offer a unique solution to our world-class client base. The transaction will enable us to leverage adjacent customer relationships, geographic footprints and products. On behalf of my family and the entire company, I’m proud of all that we have accomplished and look forward to exploring synergies across both businesses for the benefit of customers and employees.”
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