CAPZA invests in RESPIRE

The acquisition of FineToday Holdings by Bain Capital represents the full exit of funds advised by CVC Capital Partners through a 100% buyout transaction. The deal follows a multi-year value creation phase initiated in 2021, when CVC carved out FineToday from Shiseido and established it as a standalone consumer platform. Since then, the company has strengthened its operational independence, expanded its product innovation capabilities, and accelerated its growth across Asia, particularly in China and Southeast Asia. With this acquisition, Bain Capital takes control of a scaled personal care platform with a strong portfolio of established consumer brands and a leading position in the Japanese market. The investment thesis focuses on accelerating international expansion, further strengthening brand growth, and scaling the business across high-growth Asian markets. For CVC, the transaction represents a successful private equity exit following a classic carve-out and transformation strategy, combining operational improvement, geographic expansion, and platform building, with the potential for a future IPO under new ownership.

Artsana undergoes a structured balance sheet reinforcement combining a shareholder loan conversion and a capital injection jointly executed by Investindustrial and the Catelli family, aimed at consolidating the group’s financial architecture and supporting its ongoing industrial repositioning. The transaction is based on the conversion into equity of a shareholder loan originated in the context of the 2016 LBO, complemented by a cash capital increase subscribed by both reference shareholders. The total reinforcement amounts to €258 million, of which approximately €208 million derives from the conversion and €50 million from new cash contributions. This operation is designed to simplify the capital structure and reduce medium-term refinancing pressure. In parallel, the group secures a renewed banking framework through the extension and restructuring of existing credit facilities, alongside additional funding lines, for a total envelope of €415 million, supported by a longstanding banking pool led by UniCredit. This arrangement aims to ensure liquidity stability and support the execution of the industrial plan.

American Pacific Group (APG) has acquired a majority stake in Dossier from the Paris-based evergreen investment platform Otium. The transaction marks a significant liquidity event for Otium, which incubated the brand in 2019 via its "Otium Studio." The deal structure includes a significant reinvestment from both Otium and the founding CEO, Sergio Tache, who will continue to lead the company. The strategic rationale for the acquisition is to accelerate Dossier’s international expansion, specifically targeting markets in Mexico and the UK (via Boots). APG will also support the development of "Dossier Originals" a line of proprietary scents designed to transition the brand from a "dupe" specialist to a standalone fragrance house. The transaction was advised by Solomon Partners (Financial) and Willkie Farr & Gallagher LLP (Legal).

The transaction involves the acquisition of 100% of Vervent Audio Group by the Belgian industrial group Barco. This deal marks a significant strategic pivot for Barco, shifting from a pure visualization specialist to a fully integrated provider of premium audiovisual solutions. By integrating Focal and Naim into its Entertainment division, Barco aims to capture the growing market for "immersive experiences" in both professional settings (cinemas, auditoriums) and high-end residential environments (luxury home cinemas). The rationale is deeply rooted in technological and commercial synergy: combining Barco’s leadership in high-end projection with Vervent’s expertise in high-fidelity sound. This union allows Barco to offer a complete, branded AV stack, reinforcing its value proposition against competitors who only provide individual components. From a financial perspective, the acquisition follows a period of private equity ownership under Alpha Private Equity and Naxicap Partners, returning the French-British audio jewel to an industrial shareholder capable of supporting long-term R&D and global scaling through its existing international network.

Siparex ETI has signed an agreement to acquire a majority stake in ATK Sports, succeeding Progressio SGR, which had been the majority shareholder since 2021. This transaction is a secondary LBO conducted alongside the founding Indulti family, led by CEO Davide Indulti, and supported by financial co-investors including BNP Paribas. The deal represents a significant milestone for Siparex’s Italian team, illustrating the group’s strategy to strengthen its pan-European footprint by supporting high-performing Italian industrial exporters. The strategic rationale for the acquisition is to propel ATK Sports into its next phase of global growth. The plan includes accelerating international expansion, particularly in the United States where the company recently opened a subsidiary in Salt Lake City, and developing the fast-growing "hybrid" binding segment. Furthermore, the partnership aims to drive product diversification by leveraging ATK’s mechanical expertise to enter the cycling sector with revolutionary braking systems. The operation will combine organic growth with a targeted acquisition strategy to widen the company’s scope within the high-tech outdoor equipment universe. This deal highlights the strong market demand for specialized, vertically integrated manufacturers that combine traditional craftsmanship with modern engineering and high-growth potential in the global outdoor leisure market.

L’Oréal has finalized the cross-border acquisition of Kering Beauté from the luxury group Kering, executing an alliance initiated in October 2025. The transaction encompasses the outright acquisition of Maison Creed, a historic luxury fragrance house. Concurrently, the deal architecture secures exclusive 50-year commercial operating licenses for the creation, development, and global distribution of beauty and fragrance portfolios for both the Bottega Veneta and Balenciaga brands. The agreement also establishes structured forward-looking rights for a 50-year exclusive beauty licence covering the flagship Gucci brand, which will trigger automatically following the expiration of its legacy contract with Coty. Parallel to these brand integrations, L’Oréal and Kering are establishing a dedicated joint venture to co-develop new opportunities in the longevity and wellness sectors.

Henkel has entered into a definitive agreement to acquire 100% of Olaplex Holdings, Inc. for a cash consideration of $2.06 per share. The deal has received unanimous approval from Olaplex’s Board of Directors and the irrevocable support of its controlling shareholder, Advent International. The strategic rationale for the acquisition is the integration of Olaplex’s patented "bond-building" technology and its strong professional-led distribution model into Henkel’s Consumer Brands infrastructure. This merger allows Henkel to fill a critical gap in its prestige portfolio, providing a springboard for accelerated innovation and molecular-level hair repair solutions. The acquisition is expected to be significantly value-creative, leveraging Henkel’s global scale to drive Olaplex’s next phase of international growth while reinforcing hair care as a cornerstone of Henkel’s long-term consumer strategy.

Quadrivio Group is in advanced negotiations to acquire a majority stake in Les Secrets de Loly. The Italian fund prevailed in a competitive auction process. The current minority investor, Quilvest Capital Partners (who entered in 2022), is expected to exit. Founder and CEO Kelly Massol will reinvest a significant portion of her proceeds and remain a key shareholder to drive the next phase of growth. The deal is expected to close in February 2026.

Highline Warren acquired the Sprayway brand from PLZ Corp in a transaction valuing the asset at approximately $300 million (based on reported deal rumors from late 2025). Both companies are portfolio companies of Pritzker Private Capital. The deal followed a strategic review led by Goldman Sachs where external bids were considered. Ultimately, the asset was moved to Highline Warren to leverage its massive automotive distribution network (auto parts stores, mechanics) where Sprayway's industrial and auto-detailing products have high growth potential. Conversely, this allows the seller, PLZ Corp, to pivot fully toward a "pure-play" contract manufacturing (CDMO) model without the distraction of managing a branded retail product.

Coty has sold its remaining 25.8% stake in hair care brand Wella to KKR for $750 million, while retaining its rights to a portion of the proceeds from any future sale or initial public offering. This transaction marks the end of a program launched in 2020 to simplify Coty's portfolio and operations, and allows the company to reduce its debt and refocus on its fragrance segment. KKR's strategy is based on identifying companies with long-term growth potential, and creating value for shareholders through proactive management and expertise in value creation. The transaction was carried out with the help of Citi as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor for Coty, while Simpson Thacher & Bartlett LLP acted as legal counsel for KKR.