Why Albéa’s acquisition of Amfora Packaging signals a deeper bet on Latin beauty markets

In a strategic exit move reflecting the ongoing consolidation trend in cosmetic packaging, ACON Investments, L.L.C., a Washington, D.C.-based middle market private equity firm, announced on August 1 that it has sold its controlling interest in Amfora Packaging S.A.S. to Albéa Group. The buyer, a global leader in sustainable cosmetic and personal care packaging, is expected to leverage Amfora’s Latin American footprint to strengthen its offering in segments like color cosmetics, skincare, fragrance, and personal care.

Amfora Packaging, headquartered in Bogotá, Colombia, was originally formed by ACON Investments in 2015 through the acquisition and integration of two family-owned businesses—Colombia’s Intecplast and Peru’s Pieriplast. The newly created platform enabled ACON to build scale across Latin America’s growing personal care supply chain. Over the last decade, Amfora evolved into a leading export-oriented packaging supplier, with customers across Latin America, North America, and Europe.

Although the financial terms of the deal were not disclosed, the acquisition is seen by institutional observers as part of a broader play by Albéa to gain stronger access to emerging markets, deepen its sustainability portfolio, and optimize its global manufacturing network.

What made Amfora Packaging a target for Albéa Group in the current M&A environment?

Amfora’s appeal as an acquisition target stems from both its export-ready capabilities and its ability to institutionalize a fragmented supplier base. Under ACON’s stewardship, Amfora transitioned from two legacy family businesses into a professionally managed company with a diversified client base across the beauty and personal care value chain.

According to statements made by ACON Investments Partner Alberto Hernandez, the firm views the Amfora exit as a textbook example of its Latin America strategy—namely, identifying under-optimized but high-potential businesses and supporting their transformation into global-ready platforms. Hernandez noted that Amfora’s successful evolution into an institutionalized supplier has created a solid foundation for the next phase of growth under Albéa’s ownership.

Institutional investors tracking the cosmetic packaging sector believe that Amfora’s client relationships, design capabilities, and regional know-how offer Albéa a fast-track entry point into a high-growth but often overlooked segment of the global beauty packaging market.

How has ACON Investments executed its regional strategy across Latin America’s consumer goods sector?

With nearly three decades of experience investing across Latin America, ACON Investments has cultivated a reputation for value creation in consumer and industrial segments. Since its inception, ACON-managed funds have invested in 44 companies across 10 countries in the region.

The formation and subsequent growth of Amfora represented one of the more visible manifestations of this strategy. ACON used its local offices in Bogotá and Mexico City to guide the business through operational scale-up, cross-border regulatory navigation, and export logistics optimization.

The firm’s recent divestiture of Amfora follows its earlier 2025 exit from Vitalis S.A.C.I., a Colombia-based pharmaceutical and medical supply company. While details of that deal were also undisclosed, the back-to-back exits suggest a potential capital reallocation toward new Latin American targets or possibly toward growth-stage investments in the consumer packaging ecosystem.

ACON has historically partnered with local legal and advisory firms for transaction execution, including Brigard Urrutia, Hogan Lovells, and Grant Thornton on the Amfora deal.

Why are cosmetic packaging firms like Albéa targeting Latin American capabilities now?

Albéa Group’s acquisition of Amfora comes at a time when global cosmetic packaging firms are recalibrating their manufacturing and sourcing strategies. Rising sustainability demands, tightening regulations around plastics, and the need for regional agility have forced legacy packaging players to rethink their global footprint.

Latin America, with its cost-effective manufacturing base, rapidly growing middle class, and proximity to North American markets, has become a focal point for strategic expansion. By acquiring Amfora, Albéa not only gains established operations in Colombia and Peru but also access to local design talent and a client base that includes global brands seeking regionalized production.

Analysts believe this move may also help Albéa improve supply chain resilience and enhance its ESG narrative, especially as pressure mounts across the beauty industry to demonstrate lifecycle sustainability from source to shelf.

What does this deal mean for future private equity exits in the Latin American packaging sector?

The Amfora–Albéa transaction is likely to be viewed by private equity players as validation that packaging firms with regional depth and export readiness can command attractive valuations even in a cautious macroeconomic environment.

With global firms facing intensifying pressures to diversify sourcing and shorten time-to-market, mid-sized packaging suppliers with institutional governance and regulatory compliance capabilities are becoming prime M&A targets.

Institutional sentiment around the Latin American industrials and consumer supply segments remains constructive, particularly for vertically integrated businesses with a clear value proposition for multinational clients.

While no forward guidance was provided by either ACON or Albéa, observers expect Amfora to play a critical role in Albéa’s regional expansion strategy. At the same time, ACON’s successful exit may open the door to redeploy capital into new platform opportunities or co-investments with multinational strategic buyers.

What can investors and analysts expect next from Albéa and ACON after this deal?

From Albéa’s perspective, analysts expect a period of integration and regional optimization, with potential investments in product customization and plant-level sustainability upgrades. If Amfora’s client base is successfully aligned with Albéa’s global supply infrastructure, it could result in additional cross-selling opportunities and margin expansion over the medium term.

For ACON, this deal further validates its long-hold, value-building approach in emerging markets. Given its recent track record, institutional investors will likely watch closely for its next moves, especially in sectors adjacent to packaging, logistics, or consumer manufacturing.

Although neither party disclosed transaction value, advisory firms involved included Brigard Urrutia and Hogan Lovells on the legal front, and Grant Thornton for financial due diligence.