News Release

Carlyle to Acquire Leading Global Cosmetics Packaging Company HCP from BPEA

Shanghai, China, May 26, 2022 – Global investment firm, Carlyle (NASDAQ: CG) today announced it has agreed to acquire a 100% stake in HCP Packaging (“HCP”), a global leader in the design, development and manufacture of cosmetic packaging, from funds affiliated with Baring Private Equity Asia (“BPEA”). Equity for this transaction will come from affiliates of Carlyle Asia Partners and Carlyle Japan Partners – two of Carlyle’s buyout funds in Asia. Terms of the transaction were not disclosed.

Founded in 1960 and headquartered in Shanghai, HCP is currently one of the world’s largest beauty packaging providers with 10 state-of-the-art production and manufacturing facilities across China, the USA, Mexico and Europe. The company has produced many innovative award-winning packaging designs and is dedicated to researching and investing in sustainable packaging solutions for the beauty industry. It works with over 250 leading cosmetics, skincare and fragrance brands including Estée Lauder, L’Oreal and Shiseido.

Carlyle will leverage its deep sector experience in the consumer and manufacturing industries to support HCP as it continues to scale its operations and grow its customer base globally. Carlyle will also work with HCP to help explore global strategic acquisitions, further strengthen the company’s leading R&D capabilities, and facilitate business synergies and alliances for HCP with its global network of portfolio companies in the cosmetics, consumer and manufacturing industries.

During BPEA’s ownership, HCP has experienced transformative growth. With BPEA’s support, HCP has become an even stronger primary packaging supplier for both color cosmetics and skincare products with expanded product technology as well as geographical footprint.

Eddy Wu, President and CEO of HCP Packaging, said: “We are incredibly proud of our journey to become a leading cosmetics packaging manufacturer and would like to thank BPEA for their support over the past six-and-a-half years. Our strategic priorities continue to be centered on driving sustainable packaging innovation and delivering top-quality services and best-in-class operational excellence to our customers around the world. We are delighted to partner with Carlyle and to have a new owner with such high calibre. We look to leverage Carlyle’s global platform strengths for our next phase of growth and as we expand our leading market position internationally.”

Wanlin Liu and Dennis Wang, Managing Directors of the Carlyle Asia Partners advisory team, said: “We are excited to partner with HCP and look forward to working with Eddy and the management team on the company’s next phase of global growth and expansion. We see long-term growth potential in the beauty and cosmetics industry and believe HCP’s business track record and commitment to R&D and ESG are market differentiators. We plan to leverage the strengths of our global platform, deep industry and market expertise, and synergies from our extensive network of portfolio companies in the consumer and manufacturing sectors to help HCP capture new growth opportunities, and take the company to the next level.”

Alex Lee, Managing Director at BPEA, said: “We are proud to have supported HCP’s growth and evolution into a global leader in packaging during our time with the company. By expanding into new markets, broadening HCP’s reach in its home market of China and developing a range of exciting new product offerings through selective bolt-on acquisitions, we’re confident that the company is very well positioned to continue growing over the longer-term. We’re also proud to have overseen the transformation of HCP’s ESG and sustainability capabilities, including developing refillable PCR packages and utilizing sustainability-certified manufacturing facilities, which will leave a more sustainable and environmentally-friendly footprint going forward.”

The transaction is subject to customary regulatory approvals and is expected to close in Q3 2022.


About HCP

From conception to manufacture, HCP Packaging is a global leader in the design, development, and manufacture of next generation primary packaging containers for the beauty industry. HCP’s product portfolio includes compacts and palettes, lipsticks and twist up sticks; mascara with expertise in molded & fiber brushes; lip gloss and concealer, pots, jars, and closures; pumps and droppers. Dedicated to sustainability, with world-class in-house finishing facilities, HCP enables brands to customize and transform packaging aesthetics with high quality and striking decoration. For more information on HCP, please visit the company’s website


About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $325 billion of assets under management as of March 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs nearly 1,900 people in 26 offices across five continents.

Carlyle’s buyout funds, including Carlyle Asia Partners and Carlyle Japan Partners, have well-established experience investing in the consumer and retail as well as manufacturing and industrial sectors, with investments in TOKIWA Corporation, Beautycounter, Golden Goose, Vogue, Novolex and Logoplaste among others. Globally, Carlyle has invested approximately US$25 billion of equity in over 135 deals in the consumer, media and retail sector and over US$30 billion of equity in more than 115 deals in the manufacturing and industrial sector as of March 31, 2022.

Further information is available at Follow Carlyle on Twitter @OneCarlyle.


About BPEA

Baring Private Equity Asia (BPEA) is one of Asia's largest private alternative investment firms, with USD 21 billion of FPAUM. BPEA manages a private equity investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions with a particular focus on the Asia Pacific region, as well as dedicated funds focused on private real estate and private credit. The firm has a 25-year history and over 220 employees located across 10 offices in Beijing, Delhi, Hong Kong, London, Los Angeles, Mumbai, Singapore, Shanghai, Sydney, and Tokyo.

BPEA is a responsible investor that seeks to create value for all stakeholders through a sustainable approach to investing. The firm is a signatory to the UNPRI (United Nations Principles for Responsible Investment) and is committed to action within its own business and the companies in which it invests to drive sustainability across a range of issues, from climate change to social concerns to effective governance. For more information, please visit


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