Make-Up Contract Manufacturer

Orienta Capital Partners (“Orienta”) and Armònia SGR S.p.A. (“Armònia”) together with Square Capital Club, a club deal initiative promoted by Deutsche Bank (“Square Capital”), announce the creation of a leading platform (“Group”) in the luxury cosmetics and fragrances sector through the integration of Trendcolor S.r.l. (“Trendcolor”) with Inunup S.r.l. (“Inunup”) and New Cosmesy S.r.l. (“New Cosmesy”), which are active in the production of make-up products for third parties and the creation of fragrances, respectively.

The transaction represents a new stage in Trendcolor’s growth path, initiated by Orienta in 2022 with the acquisition of the company, which has led to position itself among the leading Italian players in contract cosmetics manufacturing. The industrial project reinforces the commitment to support the Group both in the current phase of creating an integrated and vertically specialised platform in the beauty sector and in the subsequent stages of development, including through potential further strategic acquisitions.

Massimiliano Testa, CEO of Trendcolor and now of the entire Group, is leading the industrial integration. «After the success of the Trendcolor operation, I am proud to bring to fruition the project shared with the Orienta team in 2022: to create the first cross-cutting platform in the world of Made in Italy beauty, based on complete integration of the production chain, from make-up to quality artistic perfumery. This model significantly raises the competitive barrier in a sector where specialities will be the main drivers in the coming years. I look to the future with great enthusiasm, aware that the integration process will require commitment and attention, but certain that it will lay the foundations for a long-term project of absolute success» – said Massimiliano Testa.

Mario Gardini, Chairman of Orienta Capital Partners and of the new Group, comments: «With Inunup and New Cosmesy, we are further expanding our capacity for innovation throughout the supply chain. Following Trendcolor’s strong growth, we are investing in two outstanding local businesses with which we share an industrial vision and ambition for development. We would like to thank Armònia and Square Capital for their trust and support in launching this new strategic phase for the Group».

Alessandro Grimaldi, CEO of Armònia, states: «We are delighted to support Orienta in the implementation of this industrial project, which enhances distinctive skills and consolidated know-how in one of the key sectors of Made in Italy. The creation of an integrated hub of this level represents an initiative of great value for the entire Italian beauty supply chain».

«The collaboration with Orienta and Armònia represents a significant opportunity to support companies of excellence in their respective sectors, within an industrial project characterised by solidity and long-term vision», says Luca De Bartolomeo, head of Square Capital. «We are delighted
to contribute to such an important merger initiative, which further strengthens the competitive capacity of highly specialised Italian companies in the cosmetics and fragrance supply chain» added Luca Morandi, Director of Square Capital.

Alessio Annoni, Inunup’s key partner, commented: «I am extremely pleased about Inunup joining the Group, which marks both the conclusion of an important growth process – which has brought me enormous satisfaction – and the beginning of a new adventure. I am certain that Inunup’s contribution to the Group will be a source of pride for everyone at Inunup involved in the project».

Federica Cinque, representative of the Cinque family, added: «Since Route Capital Partners joined in 2021, New Cosmesy has undertaken a significant growth path. Today, a new chapter begins, aimed at further expanding the range of services offered, in full respect of the quality excellence that has always distinguished us. The Cinque family, together with a newly established vehicle linked to Marco Ferrara and Giuseppe Altieri, founders of Route Capital Partners, has chosen to reinvest, confirming its confidence in the project’s potential and maintaining a leading role for the entire clientele».

With this operation, the Group expects revenues in excess of €60 million by 2025, a workforce of over 200 employees and an industrial structure that is unique in the sector. The end-to-end model adopted integrates all stages of the value chain internally — from raw material sourcing to formulation, production and logistics.

Added to this is a strong focus on product innovation, made possible by the complementary skills within the Group. This approach allows us to offer brands a comprehensive, flexible and highly specialised range of services across the entire cosmetics supply chain.

Advisor involved

Orienta was assisted by Orrick, Herrington & Sutcliffe (legal advisor), Lincoln International (debt advisor), Deloitte (financial and tax due diligence) and Exentially (commercial due diligence). Armònia was assisted by Gianni & Origoni (legal advisor), EY Parthenon (financial due diligence), OC&C (commercial due diligence) and Foglia & Partners (tax due diligence). Square Capital was assisted by Gianni & Origoni (legal advisor) and Deutsche Bank’s Corporate Advisory team for transaction support activities.

Inunup and its selling shareholders, Alessio Annoni and Lario Up S.r.l., were assisted on legal matters by the law firm Galbiati, Sacchi, Lamandini e Associati.

The partners of New Cosmesy were assisted by Osborne Clarke and ADVANT NCTM for legal matters and by CP Advisor as financial advisor.

Orrick, Herrington & Sutcliffe also handled the financing aspects for the buyers, with two loans: a junior loan underwritten by Finint and a senior loan underwritten by a pool of banks consisting of Banco BPM, Cherry Bank and Banca Sella.

Orienta Capital Partners is an investment firm based in Milan, Forlì and Reggio Emilia, specializing in cross-industry transaction as lead investor, focusing on high-growth potential SMEs. Since 2024, Orienta has been the Advisory Company of the FARO Real Economy fund within the FARO Alternative Investments platform.

The partners of Orienta include Augusto Balestra, Marco Bizzarri, Giancarlo Galeone, Mario Giardini, Lorenzo Isolabella and Sergio Serra. Since 2017, Orienta has completed over 30 deals in various sectors, including cosmetics, with investments in Passione Unghie (majority stake sold to Trilantic in 2022) and Trendcolor, Inunup and New Cosmesy.

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