A consortium comprised of Movendo Capital & Draycott enters into an exclusivity agreement with Stirling Square Capital Partners to acquire VERESCENCE
VERESCENCE, the market leader in luxury glass packaging for the perfumery and cosmetics industry, announced today that a consortium comprised of Movendo Capital & Draycott, two investment holding companies and family offices, have entered into exclusive negotiations with majority shareholder Stirling Square Capital Partners to acquire 100% stake of the Company.
The proposed transaction is subject to customary regulatory approvals and closing conditions.
During VERESCENCE’s over 120 years history, it has become a key partner to leading and iconic brands in the global beauty industry. Across its four glass facilities and five decorations facilities in France, Spain, USA and South Korea, the Company produces over 600 million bottles each year.
Under Stirling Squares’ ownership, VERESCENCE has strengthened its leadership in innovation capabilities, quality, and sustainability, while penetrating Asia premium beauty markets.
Thomas Riou, CEO of VERESCENCE, commented:
We are grateful to the team at Stirling Square Capital Partners for their support in helping us develop the business and accelerate the Company’s growth. We are looking forward the next phase of development with our new shareholders who are supportive of our strategy, investment plans and sustainability agenda, including our decarbonization roadmap. We are convinced that this transaction will greatly benefit our employees in France and across the globe, as well as our customers and partners.
Julien Horreard, Partner at Stirling Square, added:
We are delighted to have reached this milestone, which is a testament to the talented team at VERESCENCE and the brilliant manufacturing capabilities and client offering. We wish the Company all the best for this exciting next phase in its storied history.
João Coelho Borges, Draycott’s Founding Partner, and Pedro Pereira Gonçalves, Movendo’s CEO, concluded:
We are excited about the opportunity to acquire a global leader with a strong and experienced management team fully aligned with our value creation strategy. VERESCENCE’s leadership position in the industry aligns with our investment criteria across multiple key dimensions. By combining management’s expertise with our own, we aim to drive sustainable growth and maximize value for all stakeholders.
About Verescence
Verescence is the global leader in glass bottle manufacturing for the Perfumery and Cosmetics industry and has a production capacity of 600 million bottles per year. Verescence supplies its customers with glass through high-quality, environmentally friendly, and innovative solutions. The company has over 120 years of glass expertise and a unique geographical footprint (4 glass production sites and 5 finishing sites in France, Spain, the United States, and South Korea), making it the partner of choice for the world’s largest beauty market players.
For more information, visit www.verescence.com
About Movendo
Movendo Capital is an investment company based in the Netherlands and operating in Europe and United States. The company is focused on managing investments in growing companies that operate in the food value chain and branded consumer goods, with an innovative business approach, which are located in Europe and the United States. Movendo Capital is owned by Sociedade Francisco Manuel dos Santos, a fourth-generation family holding that is owned by Portuguese family shareholders with a range of investments in different areas, namely, distribution, manufacturing, agrifood, specialized retail, citizenship, and environment.
About Draycott
Draycott is an emerging Portugal-based investment management firm, founded by a senior team with more than 20 years of experience in private investments and a track record of investing more than EUR 2 billion in equity across multiple sectors. Draycott operates across buyouts, real estate, and venture capital, actively building a leading position in private equity, focusing on disciplined investments and value creation. Among its investment vehicles, Draycott Fund I serves as the family office of its founding partner and will be the vehicle participating in the acquisition of Verescence. This investment reflects a long-term strategic approach, while benefiting from a professionalized team.
For more information, visit https://draycott.pt/
About Stirling Square
Capital Partners Stirling Square Capital Partners was founded in 2002 as a pan-European private equity firm specialized in internationalising mid-market businesses with an enterprise value between EUR 100m and EUR 500m. The firm manages over EUR 3bn on behalf of a global and diverse investor base. Since inception, Stirling Square has invested in 35+ platform companies and 100+ add-on acquisitions globally, supporting them to become regional and global champions.
For more information, visit www.stirlingsquare.com