Private equity fund CITIC Capital China Partners III has closed the acquisition of plastic and metal packaging solutions supplier Axilone from Oaktree Capital Management.

Operating through subsidiaries in France, Spain, the US and China, Axilone offers solutions to beauty and personal care companies worldwide.

Founded in 1971, the company has strengthened its position in the premium lipstick space.

“Axilone enjoys an absolute leadership in the premium lipstick packaging, as well as other skincare and perfume packaging.”

CITIC Capital senior managing director Hanxi Zhao said: “We see remarkable growth potential and in the premium beauty care packaging sector, as global beauty players try to compete to communicate their brands and differentiate themselves from their peers.

“Axilone enjoys an absolute leadership in the premium lipstick packaging, as well as other skincare and perfume packaging.

“It owns the best-in-class facilities across the globe and has strong technical know-how, enabling it to provide world-class quality and service to our customers.”

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Axilone Plastics offers caps, jars, and galvanised and metallised collars and jars to the makeup, fragrance and skincare markets.

Axilone CEO Laurent Chevallier said: “The whole management is very excited and committed to work with CITIC Capital, and we are confident that through continued geographic expansion and product category expansion in the next few years, we can take the success to the next level.”