Korres Group Announces Strategic Agreement with Morgan Stanley, Profex

Korres SA Natural Products on Wednesday announced a strategic equity agreement with Morgan Stanley North Haven Private Equity Asia IV, LP and Profex Inc.; a distribution company of cosmetic products in China.

Under the terms of the agreement, the Korres family will keep 30 pct of the company with the two new investors holding 70 pct.

Following completion of the deal, the new owners will launch a public offer to buy the outstanding equity of the company, at a price of 5.08 euros per share.

George Korrres; the founder of the company, while speaking at a press conference said, “2018 will be a landmark year for the Group as we move forward with an excellent alliance that will offer us the possibility of further growth; a strategic agreement, which is the result of our group’s constant effort over the last 21 years.

The aim of our agreement with Morgan Stanley and Profex is to expand in international markets and to establish the brand globally, beyond Europe, North and Latin America, where we have already established strong presence.

The values and philosophy of Korres remain the same, we continue focusing on Greek herbs, on a network of partnership with growers, on product innovation, on scientific research.”

(Source: AMNA)