HONG KONG, July 10 U.S. private equity fund TPG Capital has acquired private Chinese packaging company HCP Holdings Inc for around $600 million, Thomson Reuters publication Basis Point reported, citing sources.
The buyout of HCP, a private producer of luxury packaging for L'Oreal SA and Shiseido, was backed by a five-year loan of around $300 million, the report said.
HCP, which was founded in 1961 in Taiwan but has most of its operations in China, had previously been in talks with Morgan Stanley's Asia private equity unit, for the sale of around 80 percent of the company at a value of around $500 million, Reuters previously reported.
The management of HCP will stay on for a period of time, the report said.
TPG declined comment.