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2019-01-28 15:57:46

A New Shareholder for Verescence?

2019-01-28 15:57:46

Verescence, known for its glass packaging manufacturing for the perfumery and cosmetics industry, has announced that Stirling Square Capital Partners has entered into exclusive negotiations with funds managed by Oaktree Capital Management, L.P. to acquire its entire stake in the company.
 
With a 120-year history, Verescence owns three glass production and four decorations facilities in Europe and North America, and produces over 500 million bottles every year. In 2017 the company employed 2,300 people across the globe and registered sales of over 280 million Euros.
 
Thomas Riou, CEO of Verescence, commented: “We are grateful to Oaktree for their support in helping us develop the business and accelerate the Company’s growth. The potential arrival of Stirling Square Capital Partners as new shareholder is in line with our strategy, in particular supporting us in the implementation of our transformation and investment plan and enabling exciting new growth opportunities going forward. We are convinced that this transaction would greatly benefit our employees in France and across the globe, as well as our customers and partners.”
 
The proposed transaction will be submitted to the relevant workers’ council of Verescence and will be subject to competition and other regulatory approvals.
 
PHOTO: Verescence’s jar for Guerlain’s Orchidee Imperiale.