Owned since 2010 by private equity fund Oaktree Capital Management, Verescence (formerly SGD) is about to change hands. The French glass maker should be the next addition to the portfolio of Stirling Square Capital Partners, which has just entered into exclusive negotiations with Oaktree.
“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,” commented Thomas Riou, CEO of Verescence.
Across its three glass production and four decorations facilities in Europe and North America, Verescence is the global market leader in glass packaging manufacturing for the perfumery and cosmetics industry. The company produces over 500 million bottles every year. In 2017, Verescence employed 2,300 people across the globe and registered sales of over 280 million Euros.
Upon its arrival in 2010, Oaktree initiated a major restructuring phase. Then named SGD, the glass group was splitted in to entities: SGD Pharma for the pharmaceutical business and Verescence for the perfumery and cosmetics business. In 2016, Verescence launched a 100 million euro investment plan to upgrade its global production tool.
To meet the expectations of its customers, the glassmaker recently made significant investments in CSR and eco-design.