Axcel invests in Swedish make-up brand IsaDora.
The financial details of the deal remain undisclosed.
IsaDora is owned and run by founder Ingvar Vigstrand and the family since 1983 and manufactures products for the eyes, face, lips and nails and has 200 employees, working both at headquarters in Sweden, and at the production facilities from Berne, Switzerland.
The company distributes its products itself in Sweden and another six European countries, while other markets are served by external distributors.
IsaDora accounted for a SEK 399M ($50M) turnover in 2016, and a profit of SEK 79M (almost $10M).