Intercos, a developer and subcontracter of beauty products for colour cosmetics companies, has agreed a financing platform of up to EUR50m, without voting rights, with subscription guaranteed by Intercos’ main shareholder, Dario Ferrari.
This agreement ensures financing for the 2010-2014 business development plan.
Eurazeo owns 25.1 per cent of Intercos’ capital through Euraleo and retains the option to subscribing its pro-rata share through the end of 2010.
In addition to the financing agreement, Intercos also renegotiated its debt with covenants adapted to the new business plan, and debt maturities extended up to 2016.
In 2010, Intercos recorded a rebound in sales orders with EUR204m as of 30 September 2010 compared with EUR151m for the same period in 2009, or 35 per cent growth, in line with the volume of orders of 2008.
At the beginning of 2010 Intercos launched a new business plan for 2010-2014 based on organic growth and targeted acquisitions to enable long-term partnerships with global brands and retailers. The business plan also foresees an expansion in new countries such as Brazil and an increase in Intercos’ market share in Europe and the US.
