Barclays Private Equity, the private equity arm of Barclays Capital, has backed the £47m (€42m) buy-out of Creative Outsourcing Solutions International (Cosi), the cosmetics manufacturer, adding to the firm's portfolio of outsourcing businesses.

The firm has acquired a substantial minority stake in Cosi, with the financing split evenly between equity and debt. The financing was provided by Barclays' leveraged finance team. The deal was part management buy-out and part secondary buy-out, as Barclays bought out the stake in Cosi owned by South African venture capital firm Rand Merchant Bank.