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      "text": "Notwithstanding the usual predominance of trade buyers, the sector has attracted more interest from private equity funds in 2017, which accounted for 30% of the total deals versus 25% in previous years.",
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      "text": "As mentioned, the growing consumer awareness of ingredients is fueling growth in natural and organic products, which has driven investment toward dermocosmetics companies.",
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      "text": "The US is the main target for investors, due to it leading the way in industry innovation.",
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      "text": "Investors have positive expectations since the underlying market is strong, with some categories growing more than others (men's grooming and skin care) and markets such as Asia-Pacific just starting to pick up the pace with an expectation it will represent around 60% of the total market by 2020.",
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      "text": "Italy and France follow the US with a significantly lower number of transactions. These countries are characterized by a large quantity of very small companies, which, in some cases, did not raise the interest of the large players and were considered smaller than the critical size required.",
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      "text": "Historically, cosmetics have been of interest just to the leading cosmetics groups; however, in recent years, private equity funds have started to look at the sector to leverage (i) the opportunity for a trade sale exit given the aggregation strategy carried out by large cosmetics groups and (ii) the lower risk compared with the fashion and luxury sector.",
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