Stirling Square Capital Partners, a pan-European mid-market private equity company, has completed the sale of Verescence, a luxury glass packaging company, to a consortium comprising Movendo Capital and Draycott.
Founded in 1896, Verescence serves luxury beauty brands, including Hermès, LVMH, and L’Oréal.
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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.
Verescence has undergone a significant transformation after it was acquired by Stirling Square in 2019.
Strategic acquisitions, including a South Korean manufacturing facility in 2021, and investments of €100m ($113.6m) in capacity and automation have elevated the company’s sustainability profile, enabling the production of bottles from 100% recycled glass and achieving high environmental, social, and governance ratings.
Under Stirling Square’s ownership, Verescence has seen substantial financial growth, with revenues increasing by 40% to €421m and earnings before interest, taxes, depreciation, and amortisation tripling to over €80m.
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By GlobalDataVerescence CEO Thomas Riou said: “Stirling 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.
“They 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.”
Stirling Square has a longstanding investment history in France, with a portfolio that includes various domestic companies such as Médisup, Vernet, Siblu, and AD Industries.
Draycott founding partner João Coelho Borges and Movendo CEO Pedro Pereira Gonçalves said: “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 maximise value for all stakeholders.”
