A PYMNTS Company

Kenya: L’Oreal buyout makes local entrepreneur, who starte with $40, a millionaire

 |  April 16, 2013

As L’Oreal, the global leader of cosmetics, has acquired Interconsumer Products, one of the largest beauty care companies in Kenya, the founder of Inerconsumer Products is expected to earn tens of millions from the transaction. While the deal was finalized on April 12, Kenya’s Competition Authority only announced its approval this week. Businessman Paul Kinuthia stands to make a major profit from the deal, whose details have not yet been completely revealed. Kinuthia first began his life as a businessman in 1995 within a makeshift apartment manufacturing shampoo and conditioner. His startup capital was $40.

Full Content: Forbes

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.