Profex and Morgan Stanley acquired a 70% stake in Korres for €48m.

Morgan Stanley Private Equity Asia, part of Morgan Stanley Investment Management and Profex, a specialty distributor of dermo-cosmetic products in the People’s Republic of China agreed to acquire stake in KORRES S.A. NATURAL PRODUCTS, producer of natural cosmetics for €48.3m. Giorgos Korres and certain members of his family have agreed to contribute to Nissos Holdings, which is currently wholly owned by Giorgos Korres, shares representing approximately 30% of the share capital of KORRES in exchange for equal shares and percentage in Nissos. MSPEA and Profex have agreed to subscribe for shares in Nissos 56% and 14% respectively.