ACON Investments and Torreal Acquire Germaine de Capuccini

Madrid, February 13, 2019 – ACON Investments, L.L.C. and its affiliates (“ACON”) have partnered with Torreal to complete the acquisition of Germaine de Capuccini, S.A. and its affiliates (“GdC” or the “Company”) from the Vidal Family, who founded the Company in 1964. GdC is a leading developer, producer and supplier of specialized, professional skincare and cosmetic products. The Company’s customers include estheticians and dermatologists at full service spas, day spas, beauty salons, hotels and clinics. Approximately 45% of the Company’s sales are in Spain with the balance distributed across 80 countries worldwide, including its largest foreign markets of Italy, Mexico, Belgium, and the United Kingdom.

“We believe Germaine de Capuccini has an outstanding line of products and strong brand recognition in the professional skincare channel,” said Marcos Lladó, Managing Partner at Moonfish Capital Partners (“MCP”), ACON’s exclusive partner in Southern Europe. “ACON and MCP are excited to be partnering with Torreal and the current management team of GdC to continue to grow the company through international expansion and product innovation,” added Lladó.

José Giner, General Manager of GdC, commented, “The Company’s management team is enthusiastic about our new partners and we look forward to working with them to bolster our growth globally and leveraging the strong brand we have built to date with the Vidal family.”

“Germaine de Capuccini represents one of the key investment themes we are looking to pursue in Southern Europe – middle-market companies positioned to grow internationally both organically and through acquisitions. With our 20+ year history of private equity investing in the U.S. and Latin America, we believe we can serve as a value-added partner given our networks in the regions,” said José Miguel Knoell, Managing Partner at ACON.

Torreal said, “Behind Germaine de Capuccini there is a success story with more than 50 years of experience which has led them to become a reference in the sector. We are delighted to participate in this investment with ACON and MCP. We are thrilled to support the company in its ambition of consolidating the leadership in the national and international professional skincare sector. The experience and know-how of Germaine de Capuccini and its management team, alongside the sector expertise of Altius Partners, will contribute to develop our vision.”

As part of this transaction, ACON worked with Altius Partners, founded by Javier Asarta and Alberto Díez, two industry veterans of the consumer products and beauty industries, bringing extensive expertise in helping to drive the strategy of cosmetics and consumer brands.

Terms of the transaction were not disclosed.

This transaction will be the second investment that ACON and MCP have completed in Spain. In December 2017, ACON acquired a controlling interest in Contenur, a Madrid-based company specialized in the design, engineering and marketing of containers and services to the waste collection industry in Europe and Latin America.

About the Equity Sponsors
ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America and Europe. Founded in 1996, ACON has responsibility for managing approximately $5.3 billion of capital. ACON has professionals in Washington, DC, Los Angeles, Mexico City, São Paulo and Bogotá. For more information, visit

Founded in 2017, Moonfish Capital Partners is a private equity firm focused on majority and significant minority stakes in medium-sized companies in Southern Europe. The firm has an exclusive partnership with ACON in Southern Europe focused on developing collaborative investment opportunities that leverage ACON´s experience, relationships and network in the U.S. and Latin America.

About Torreal
Torreal is the investment firm of the Abelló Family. Founded in 1990, with historical investments in more than 60 companies, Torreal is 100% owned by the Abelló Family. This allows the firm to have a flexible approach to investments and to participate in companies of all sectors and geographies, across the capital structure, in both private and public markets. Torreal currently owns a well-diversified portfolio, with relevant stakes in market leaders such as: Aernnova, Ingesport, Talgo, Aston Martin, Laureate, Alliance Laundry or Rothesay Life.