Stirling Square Capital Partners is the new owner of Verescence. The pan-European private equity firm entered into exclusive negotiations with Oaktree Capital Management last December, in order to acquire the French glassmaker, the global leader in glass packaging for the perfumery and cosmetics industries.
“The arrival of Stirling Square Capital Partners as new shareholder of our group, will enable us to accelerate our international expansion and our new strategic plan Verescence 2022 - Forming the future. A project which includes a massive investment plan of 122 million euros,” said Thomas Riou, President of Verescence, in a statement.
The 120 years old glassmaker is a key supplier of leading beauty brands. Verescence produces 500 million bottles per year in its three glass production sites and its four decoration sites in Europe and North America. In 2018, the company employed 2,300 people worldwide and achieved sales revenue of 305 million euros.
“Verescence is the genuine best-in-class player in its field, acting as a critical supplier to the world’s most prestigious brands. It is a true innovator in its category, expanding the design and technical boundaries of what can be achieved. We are delighted to partner with CEO Thomas Riou and his highly accomplished team to continue the Company’s journey towards operational excellence,” said Julien Horreard, Partner at Stirling Square Capital Partners.