{"id":549559,"date":"2022-09-21T04:00:04","date_gmt":"2022-09-21T04:00:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/"},"modified":"2022-09-21T04:00:04","modified_gmt":"2022-09-21T04:00:04","slug":"ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/","title":{"rendered":"ECC paid USD 5 mn for majority stake in Source Beauty"},"content":{"rendered":"

<\/a> UPDATE- ECC reveals the price tag on its newly acquired stake in Source Beauty: <\/strong>Egyptian Company for Cosmetics<\/a> (ECC) invested USD 5 mn to acquire a majority stake<\/a> through capital increase in local online beauty store Source Beauty<\/a>, according to a joint pre<\/a>ss release (pdf)<\/a> yesterday. The two companies first announced the acquisition earlier this week but didn\u2019t specify the size of the transaction. Source Beauty founder and CEO Lydia Schoonderbeek declined to mention how much of the company was sold to ECC when we asked yesterday.<\/p>\n

Where will the funding go? <\/strong>\u201cWe\u2019re going to grow our talent, build on our authenticity, increase our tech footprint, and grow our product offering to help us further engage with the younger generation,\u201d Source Beauty founder and CEO Lydia Schoonderbeek told us yesterday.<\/p>\n

The local market remains its primary focus:<\/strong> The startup has no geographical expansion plans in the short-term and is putting all its effort into growing in the Arab world\u2019s most populous consumer market, Schoonderbeek said.<\/p>\n

About the company: <\/strong>Launched in 2018, Source Beauty is an online beauty marketplace offering products from more than 85 local and international brands, and has 60k users. ECC \u2014 which counts Lorax Capital Partners among its minority shareholders \u2014 manufactures beauty and personal care products and owns haircare and skincare company Bobana<\/a> and cosmeceuticals player Infinity Clinic Pharma<\/a>. The acquisition will see Schoonderbeek serve as ECC\u2019s chief creative officer, alongside her role as CEO of Source Beauty.<\/p>\n

ADVISORS- <\/strong>Al Tamimi and HVK Stevens acted as local and international counsel to ECC while Van Campen Liem advised Source Beauty.<\/p>\n","protected":false},"excerpt":{"rendered":"

UPDATE- ECC reveals the price tag on its newly acquired stake in Source Beauty: Egyptian Company for Cosmetics (ECC) invested USD 5 mn to acquire a majority stake through capital increase in local online beauty store Source Beauty, according to a joint press release (pdf) yesterday. The two companies first announced the acquisition earlier this […]<\/p>\n","protected":false},"author":1,"featured_media":549560,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[199,9220,72,7128,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-e-commerce","tag-ecc","tag-enterpriseam","tag-ma-watch","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"2f5b8eea-d1f5-4f16-a190-912c6c082023","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/302.jpg","photo_position":"above","related_issue":[549544],"teaser":"","voice_url":""},"yoast_head":"\nECC paid USD 5 mn for majority stake in Source Beauty - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECC paid USD 5 mn for majority stake in Source Beauty\" \/>\n<meta property=\"og:description\" content=\"UPDATE- ECC reveals the price tag on its newly acquired stake in Source Beauty: Egyptian Company for Cosmetics (ECC) invested USD 5 mn to acquire a majority stake through capital increase in local online beauty store Source Beauty, according to a joint press release (pdf) yesterday. 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The companies didn\u2019t disclose the size of the stake or how much ECC invested in the business.About the company: Launched in 2018, Source Beauty is\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647274,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/07\/egypts-ecc-hungarys-organica-technologiak-announce-wastewater-partnership\/","url_meta":{"origin":549559,"position":1},"title":"Egypt\u2019s ECC, Hungary\u2019s Organica Technologiak announce wastewater partnership","author":"enterpriseam admin","date":"7 May 2017","format":false,"excerpt":"Picking up where we left off last week, Egypt\u2019s ECC and Hungary\u2019s Organica Technologiak have confirmed media reports they are forming a joint venture named ECC-Aquatech Co. to pursue opportunities in Egypt\u2019s wastewater sector. 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Speaking to us\u2026","rel":"","context":"In "My Morning Routine"","block_context":{"text":"My Morning Routine","link":"https:\/\/enterpriseam.com\/egypt\/my-morning-routine\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/431.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":642963,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/ecc-branching-into-real-estate\/","url_meta":{"origin":549559,"position":3},"title":"ECC branching into real estate","author":"enterpriseam admin","date":"27 August 2017","format":false,"excerpt":"The Egyptian Contracting Company (Moukhtar Ibrahim) will begin developing its first project in Obour in October with investments close to EGP 800 mn, reports AMAY. The 55k sqm project is expected to be complete in three years\u2019 time and comes as part of the firm\u2019s strategy to exploit its existing\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567863,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/09\/source-beauty-raises-second-round-of-2020\/","url_meta":{"origin":549559,"position":4},"title":"Source Beauty raises second round of 2020","author":"enterpriseam admin","date":"9 December 2020","format":false,"excerpt":"Egyptian e-commerce beauty platform Source Beauty has secured a six-figure USD investment in a seed round led by Swiss investment firm Ace & Company and a number of angel investors, the company announced in a statement (pdf) yesterday. This is the second round of financing raised by the startup this\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647328,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/08\/ecc-aquatech-to-inject-egp-1-bn-in-investments\/","url_meta":{"origin":549559,"position":5},"title":"ECC-Aquatech to inject EGP 1 bn in investments","author":"enterpriseam admin","date":"8 May 2017","format":false,"excerpt":"ECC-Aquatech is looking to inject over EGP 1 bn in four wastewater treatment projects in Egypt, Chairman Omar Attaby told Al Mal. ECC-Aquatech is already working on an EGP 157 mn plant at El Galala in cooperation with the Military Operations Department of the Engineering Authority. Attaby did not provide\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549559"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549559\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549544"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549560"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549559"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549559"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}