Stirling Square Capital Partners, a pan-European mid-market private equity company,\u00a0has completed the sale of Verescence, a luxury glass packaging company, to a consortium comprising Movendo Capital and Draycott.<\/p>\n
Founded in 1896, Verescence serves luxury beauty brands, including Herm\u00e8s, LVMH, and L\u2019Or\u00e9al.<\/p>\n
Verescence employs 2,500 people across three continents. With an annual production capacity of 600 million bottles, the company holds manufacturing factories in France, Spain, North America, and South Korea.<\/p>\n
Verescence has undergone a significant transformation after it was acquired by Stirling Square in 2019.<\/p>\n
Strategic acquisitions, including a South Korean manufacturing facility in 2021, and investments of \u20ac100m ($113.6m) in capacity and automation have elevated the company\u2019s sustainability profile, enabling the production of bottles from 100% recycled glass and achieving high environmental, social, and governance ratings.<\/p>\n
Under Stirling Square\u2019s ownership, Verescence has seen substantial financial growth, with revenues increasing by 40% to \u20ac421m and earnings before interest, taxes, depreciation, and amortisation tripling to over \u20ac80m.<\/p>\n
Verescence CEO Thomas Riou said: \u201cStirling Square have been a phenomenal partner, providing investment and expertise that enabled our global expansion, strategic shift to expand our skincare offering to meet the growing needs of our customers. <\/p>\n
\u201cThey have also encouraged us to embed innovation across our industrial processes and accelerated our digital transformation that has resulted in us adopting a more data-driven approach across the organisation.\u201d<\/p>\n
Stirling Square has a longstanding investment history in France, with a portfolio that includes various domestic companies such as M\u00e9disup, Vernet, Siblu, and AD Industries.<\/p>\n
Draycott founding partner Jo\u00e3o Coelho Borges and Movendo CEO Pedro Pereira Gon\u00e7alves said: \u201cWe are excited about the opportunity to acquire a global leader with a strong and experienced management team fully aligned with our value creation strategy. <\/p>\n
\u201cVerescence\u2019s leadership position in the industry aligns with our investment criteria across multiple key dimensions. By combining management\u2019s expertise with our own, we aim to drive sustainable growth and maximise value for all stakeholders.\u201d<\/p>\n
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