Shanghai-headquartered provider of prestige primary packaging containers for the cosmetics, skincare and fragrance industries, HCP, has been acquired by US private equity fund, TPG Capital.
Members of the founding Chen family have completed the sale of their respective ownership stakes in HCP to the fund for about USD 500 million (EUR 407 million at current exchange rate), according to various media sources.
HCP Chief Executive Officer Jeff Chen will stay on in the role of Executive Director, while Joanne Chen will continue to serve as Chief Operating Officer of the company.
Effective August 6, 2012, HCP’s new CEO is Eddy Wu, who’s joining the company from VWR International, where he served as Global Senior Vice President and President of Asia Pacific. Prior to that, he was President and Chief Executive Officer of Momentive Performance Materials Asia Pacific. Wu was with General Electric between 1992 and 2006, where he was President and CEO of GE Plastics’ Noryl Business in Asia.
