Recently ,according to report, Verescence, a prominent supplier of glass bottles to the fragrance and cosmetics sector, has been sold in a transaction organized by Stirling Square Capital Partners. The French glassmaker, established 130 years ago, has now transitioned to new ownership led by a consortium comprising Movendo Capital and asset manager Draycott. This acquisition, valued at €490 million including debt, marks a pivotal moment for Verescence, known for its global footprint encompassing production and finishing facilities across France, Spain, the US, and South Korea.
Employing 2,500 staff worldwide, Verescence serves renowned brands such as Chanel, LVMH, L’Oréal, and Hermès. Under the stewardship of Stirling Square since their acquisition from Oaktree Capital Management in 2019, Verescence experienced transformative growth. This period saw expansions into South Korea, strategic shifts towards skincare offerings, and substantial investments in automation, capacity expansion, and sustainability initiatives.
Thomas Riou, President of Verescence, expressed optimism about the acquisition, highlighting the consortium’s alignment with Verescence’s strategic goals, including sustainability and digital innovation. The partnership aims to continue fostering growth and innovation in line with industry demands and market dynamics, promising a prosperous future for all stakeholders involved.
