Leste Group, a private-equity firm that operates both in Brazil and the U.S., has invested in Brazilian cosmetics distributor Prestige Cosméticos, the firm’s first deal out of a new strategy designed to help Latin American businesses expand in the U.S.
Rio de Janeiro-based Prestige supplies cosmetics sellers with perfumes and fragrances as well as skin and hair products from more than 30 brands. In Brazil, the company distributes luxury brands that include Clinique, Dolce & Gabbana, Salvatore Ferragamo, Bulgari, Tom Ford, Acqua di Parma and Bond No. 9, according to Leste. Prestige generated about $70 million in revenue last year, said Emmanuel Hermann, Leste’s chief executive. He declined to disclose how much Leste invested in the business.