Korres founder buys back control of his cosmetics firm with Halcyon backing
What's the deal? Korres founder Giorgos Korres has struck a deal to regain majority control of the Greek natural cosmetics company, executing a management buyout backed by investment fund Halcyon Equity PartnersDealroom has a profile for this one. Try Dealroom →. The move returns the founding family to the helm. Terms were not disclosed.
Why now? A majority of Korres had been in outside hands since late 2017, when 70% passed to US investment bank Morgan Stanley — via its North Haven Private Equity AsiaDealroom has a profile for this one. Try Dealroom → fund — and Chinese cosmetics distributor Profex. The founder had kept 30% at the time, with the deal running through holding company Nissos HoldingsDealroom has a profile for this one. Try Dealroom → and leading to the company delisting from the Athens Stock Exchange in 2018.
What's the endgame? Korres said the buyback aims at strategic reorganisation, stronger profitability, and further international expansion of the brand. The earlier 2017 alliance had focused on widening the sales network and building the label abroad, with particular emphasis on Asia.
The backer: Halcyon Equity Partners, led by Eleni Bathianaki, manages €208 million in funds, drawing support from institutional investors including the Hellenic Development Bank of InvestmentsDealroom has a profile for this one. Try Dealroom →, the European Bank for Reconstruction and DevelopmentDealroom has a profile for this one. Try Dealroom →, and the European Investment Fund, alongside private capital. It targets growing Greek companies with an outward focus and transformation potential.
The portfolio: The Korres deal widens Halcyon's holdings across the economy. In food and hospitality, it backs ice cream maker Kayak, fast-food chain MailoDealroom has a profile for this one. Try Dealroom →'s, the ERGON groupDealroom has a profile for this one. Try Dealroom →, Lartecono Davinci, and Evoiki Zymi. In technology and services, it holds stakes in smart transport firm AMCODealroom has a profile for this one. Try Dealroom →, software company WheelsysDealroom has a profile for this one. Try Dealroom →, and pharmaceutical logistics firm AlfaOmega.
The signal: The buyout marks a founder-led reclaiming of a recognisable Greek brand from foreign owners, backed by domestic institutional capital. It underlines Halcyon's push to reshape and scale export-oriented Greek businesses.
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