Investindustrial to take majority stake in cosmetics dropper biz

Comparison site merger.

We’re featuring a retail subsector today that several sources have told me has been resilient in the face of inflation and rising interest rates – cosmetics.

First up is Investindustrial agreeing a majority stake in a Spanish cosmetics dropper manufacturer, before we look at a report that UK cosmetics chain The Body Shop has a trio of suitors from the alternatives sector.

We then switch to comparison websites, where there is an upcoming merger involving TA Associates and MCI Capital.

Dropping in

Something I’ve heard from sources ever since inflation began to soar last year is that despite consumers watching their pennies, not all areas of retail have taken a hit as a result – including the cosmetics industry.

That sets us up nicely for the coverage today, where we look at one confirmed cosmetics deal and one potential transaction.

Investindustrial has agreed to acquire 51 percent of Virospack, a cosmetics dropper manufacturer.

Virospack develops cosmetics dropper packs for skincare, hair, nails and liquid make-up. Its export sales make up over 90 percent of its total annualised revenues of around €60 million. It is based in Barcelona.

“Investindustrial’s investment in Virospack is part of a strategy to invest a relevant amount of the firm’s latest €1.1 billion growth fund – raised earlier this year – in Iberian companies to support their growth and, in particular, to accelerate their globalisation,” said Andrea C Bonomi, chairman of the industrial advisory board at Investindustrial.

Virospack is the second investment from the Growth III fund.

Body shopping

Alteri Investors, Elliott Advisors and Epiris are among the companies chasing cosmetics company The Body Shop, according to a report on Sky News.

All three have submitted indicative offers for the London-headquartered company, which has been put up for sale by Brazilian cosmetics group Natura & Co.

Alteri, Elliott and Epiris declined to comment when contacted by PE Hub Europe.


TA Associates-backed Netrisk Group and Bauer Media Group have agreed to combine their comparison website businesses across six Central and Eastern European countries.

TA, Netrisk’s majority investor, will remain the controlling shareholder of the combined business, while MCI Capital will retain a minority stake.

Bauer Media Group will become a strategic partner with a substantial non-majority stake in the overall business, according to a release.

Bauer’s comparison sites –,, and – will join Netrisk’s portfolio, which includes,,, and

TA invested in Netrisk in 2020.

“Netrisk has enjoyed a period of double-digit organic growth in recent years, bolstered by six acquisitions that have allowed the group to expand its geographical and product footprint significantly,” said Max Cancre, director at TA.

The combined group will have a reach of around 80 million potential customers across six European countries.

This transaction will strengthen Bauer Media Group’s position in Europe’s online comparison market, with separate brands also operating in Spain, Sweden, Norway and Finland, the release added.