Stirling Square sells French bottle maker Verescence to Movendo and Draycott
Stirling Square Capital Partners has sold Verescence, a French glass packaging specialist for the perfumery and cosmetics industry, to Movendo Capital and asset manager Draycott.
According to a statement reviewed by Bloomberg News on Monday, the European private equity firm completed the sale of Verescence, which it initially acquired in 2019 as the first investment from its fourth fund. During its ownership, Stirling Square oversaw a €100 million ($113 million) investment to expand the company's production capacity and automation capabilities.
The transaction values Verescence at approximately €490 million, including debt, according to sources familiar with the matter who requested anonymity as the details remain private.
Founded in 1896, Verescence specializes in manufacturing glass bottles for luxury perfumery and cosmetics brands. Its client roster includes Hermès, LVMH, and L'Oréal. The company employs 2,500 people worldwide and operates seven manufacturing sites across France, Spain, North America, and South Korea.
Stirling Square currently manages more than €3 billion in assets and typically invests in businesses with enterprise values ranging from €100 million to €500 million.
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