CVC Asia Pacific portfolio company Global Radiance has proposed to take Natural Beauty Bio-Technology private in an offer that values the company at HK$2.4 billion ($309 million).
CVC is offering shareholders the option of HK$1.20 per share or the choice to be a smaller stakeholder in the new entity.
CVC said it has no plans to cut Natural Beaty's staff, or make any disposal or redeployment of assets.
Natural Beauty chairman Tsai Yen Yu and directors Su Chien Cheng and Su Sh Hsyu have voted to approve the privatisation proposal, according to online news provider Infocast News.
The transaction is subjected to shareholder approval.
Natural Beauty manufactures and sells skin care, beauty and aromatherapy products. It also provides beauty and spa services.
In April, CVC closed the CVC Capital Partners Asia Pacific Fund III on $4.1 billion. The firm opened its first office in mainland China in Beijing in July.