HONG KONG (Reuters) – Global asset manager Blackstone Group LP (BX.N) has reached a deal to acquire China-based cosmetics packaging firm ShyaHsin Packaging (China) Co Ltd for about $800 million to $900 million, four people with knowledge of the matter told Reuters.
Based in Kunshan city in southeast China’s Jiangsu province, Taiwanese-owned ShyaHsin specializes in the production of cosmetics packaging containers, with clients from China, South Korea, Japan and Europe, according to its website.
The investment comes as Blackstone seeks to raise up to $3 billion for its first pan-Asia buyout fund, aiming to lock in the first tranche of investment by the end of 2017. The fund will focus on sectors such as healthcare, high-end manufacturing and services, and the so-called consumer upgrade sector – goods and services geared to consumers who want to upgrade their lifestyles.
Blackstone’s last investment in China was in medical devices maker Suzhou Xinrong Best Medical Instrument Co Ltd.