Spain: Corporation Exea Empresarial acquires majority stake in Apivita

The Spanish firm Corporation Exea Empresarial, the holding company of the Puig family, has announced the acquisition of a majority stake in the Greek company Apivita Cosmetics, according to a report in Cosmetics Business.

Exea owns the Puig fragrances and fashion group; Flamagas, a manufacturer and distributor of stationery, electronics and lighters; and Isdin, a skin care products manufacturer.

Apivita Cosmetics was founded in 1979 and now has a presence in 15 countries. It manufactures products featuring "natural derived active ingredients, extract of Greek nature, beehive products of high nutritional value, and organic essential oils", according to company information.

Term of the agreement were not disclosed, however Cosmetics Business reports that Apivita will retain a 33% stake, and the Puig fragrance and fashion group will not directly hold any shares in the business.

Source: Cosmetics Business