VERESCENCE, a market leader in luxury glass packaging for the perfumery and cosmetics industry, has announced that a consortium comprised of Movendo Capital & Draycott, two investment holding companies and family offices, have entered into exclusive negotiations with majority shareholder Stirling Square Capital Partners to acquire 100 percent stake of the Company.
The proposed transaction is subject to customary regulatory approvals and closing conditions.
During VERESCENCE’s over 120 years history, it has become a key partner to leading and iconic brands in the global beauty industry. Across its four glass facilities and five decorations facilities in France, Spain, USA and South Korea, the Company produces over 600 million bottles each year.
Under Stirling Squares’ ownership, VERESCENCE has strengthened its leadership in innovation capabilities, quality, and sustainability, while penetrating Asia premium beauty markets.
Thomas Riou, CEO of VERESCENCE, said, “We are grateful to the team at Stirling Square Capital Partners for their support in helping us develop the business and accelerate the Company’s growth. We are looking forward the next phase of development with our new shareholders who are supportive of our strategy, investment plans and sustainability agenda, including our decarbonization roadmap. We are convinced that this transaction will greatly benefit our employees in France and across the globe, as well as our customers and partners.”
Julien Horreard, Partner at Stirling Square, added, “We are delighted to have reached this milestone, which is a testament to the talented team at VERESCENCE and the brilliant manufacturing capabilities and client offering. We wish the Company all the best for this exciting next phase in its storied history.”
João Coelho Borges, Draycott’s Founding Partner, and Pedro Pereira Gonçalves, Movendo’s CEO, concluded, “We are excited about the opportunity to acquire a global leader with a strong and experienced management team fully aligned with our value creation strategy. VERESCENCE’s leadership position in the industry aligns with our investment criteria across multiple key dimensions. By combining management’s expertise with our own, we aim to drive sustainable growth and maximize value for all stakeholders.”