PARFUMS MARLY & INITIO acquired by ADVENT INTERNATIONAL

Kering Beauté has finalized the acquisition of 100% of House of Creed from funds controlled by BlackRock Long Term Private Capital Europe and Chairman Javier Ferrán. The all-cash transaction represents the buyer's first major strategic initiative to build scale within the high-growth haute parfumerie market segment. The asset transfer instantly provides the acquirer's young beauty division with institutional scale and a mature global distribution footprint. This logistical network is designed to serve as an operating platform to accelerate the development of the buyer's future in-house fragrance portfolios. Post-acquisition management intends to scale the target's presence in mainland China and international travel retail channels while expanding into feminine scents and body care categories. Following unconditional clearance from relevant anti-trust authorities, operational control has been transferred and the business is fully consolidated.

Style Capital has acquired an 80% stake in Sœur from Experienced Capital (ECP) and the brand’s founders. The transaction marks a highly successful exit for ECP, which realized a "6x money" return on its initial 2016 investment. The founding Brion sisters will retain a 20% minority stake and remain active in the business alongside CEO Freja Day. The strategic rationale for the deal is to accelerate Sœur’s international expansion, with the objective of reaching 50% of sales outside of France. The transaction was structured as a Leveraged Buyout (LBO) with "reasonable leverage," financed equally by the Italian fund Ver Capital and a pool of Sœur’s historical banks, including BNP Paribas and LCL. This partnership positions Sœur to leverage Style Capital's proven track record in globalizing contemporary fashion brands.

Siparex acquired a majority stake in Sodikart, succeeding Evolem (shareholder for 15 years). Siparex invested between EUR30M and EUR50M. The founder and management team retain a minority stake. Supported by a debt lever of 3x EBITDA, the goal is to double the group's size within 5 years through international M&A.

The acquisition of My Jolie Candle by Emosia Group represents a strategic consolidation in the home fragrance sector, specifically designed to diversify the acquirer's product portfolio and accelerate its digital transformation. By integrating a successful Digitally Native Vertical Brand (DNVB), the acquirer secures a direct connection to a younger, millennial consumer base, effectively balancing its traditional retail distribution strengths with new e-commerce agility. The target’s innovative product concept complements the acquirer's existing high-end brand lineup, creating a robust, multi-generational portfolio. This transaction is structured to preserve the target's pioneering spirit and innovative culture while providing the operational scale and global distribution infrastructure of the larger group. Operationally, the deal grants the target immediate access to a vast international network of over 1,200 points of sale, significantly scaling its distribution reach beyond its native digital channels.

BC Partners, a European private equity firm, acquired a majority stake in Havea from 3i and Cathay Capital. The transaction is structured as a new Leveraged Buy‑Out, with BC Partners XI—the firm’s 11th flagship fund, closed at about EUR 5.3 billion—taking the lead and bringing in co‑investors PSP Investments from Canada and NPS Investment Management from South Korea as minority partners. 3i and Cathay Capital fully exit the position, while the management team led by CEO Nicolas Brodetsky reinvests alongside the new sponsors, aligning incentives for a second turn of value creation. Havea, formerly known as Ponroy Santé, had grown its revenue from a much lower base in 2017 to over EUR 212 million in 2021, with EBITDA rising to above EUR 70 million, driven by a double‑digit organic growth profile and a series of bolt‑on acquisitions that reshaped the group around five flagship brands: Aragan, Biolane, Densmore, Dermovitamina, and Vitavea. The board attributes the deal’s compelling valuation to favorable macro tailwinds in natural health, consumer‑healthcare structuring led by large pharmaceutical groups, and a strong, diversified brand portfolio with clear potential for European expansion.

Next plc and Davidson Kempner Capital Management have acquired JoJo Maman Bebe from its founder and existing shareholders. Under the deal structure, the hedge fund holds the majority stake, while Next holds a significant minority and becomes the operational partner. The strategic rationale is to integrate the brand into Next's "Total Platform" ecosystem. By migrating JoJo's online operations, warehousing, and logistics onto Next's highly efficient infrastructure, the acquirers aim to reduce operational costs and accelerate digital growth, preserving the brand's boutique identity while leveraging the scale of a retail giant.

Quilvest Capital Partners has acquired a minority stake in Les Secrets de Loly through an Owner Buy-Out (OBO). The transaction involves both a capital increase to fund growth and a cash-out for the founder, Kelly Massol, who retains the majority stake. Key managers also entered the capital. The deal aims to support the company's hyper-growth (revenue doubling annually) and international expansion, particularly in the Middle East and professional salon channels.

KKR launched a recommended cash offer to acquire all outstanding shares of Accell Group for EUR58.00 per share. The offer represents a premium of 26% over the closing price and 42% over the 3-month average. The deal is supported by Accell's Board and its two largest shareholders, Teslin (10.8%) and Hoogh Blarick (7.5%). The objective is to take the company private to accelerate the execution of its strategy (supply chain optimization, green mobility) away from public market volatility.

Embracer Group has finalized the acquisition of 100% of the capital of Asmodee from funds managed by PAI Partners and various minority shareholders. This landmark transaction marks a major diversification for Embracer, bringing a global leader in board games into its digital-heavy ecosystem. The transaction was structured with a massive upfront payment consisting of cash and newly issued Embracer B shares. To ensure management continuity, the founders and key minority shareholders retained a small interest subject to specific put and call options exercisable over a six-year period. This day one consideration creates a powerful alignment between the French management team and the Swedish parent company. Strategically, the acquisition transforms Embracer into a cross-media powerhouse, allowing for the cross-pollination of IP between physical board games and digital video game adaptations. Asmodee continues to operate as an independent operative group under its existing leadership, maintaining its organizational structure while gaining access to Embracer’s vast technical and financial resources.

Ardian Growth acquired a minority stake in Kapten & Son to support the company's international expansion and operational scaling. The investment was made through the EUR320 million Ardian Growth Fund II. The founders retained a majority stake to remain incentivized as they collaborate with Ardian on a strategic roadmap. This partnership focuses on further penetrating the German market followed by a targeted entry into the French market and eventually global expansion. The growth strategy includes a potential buy-and-build approach in niche segments and the co-development of new product lines, leveraging Ardian's pan-European network and digital expertise to transition the brand from a regional leader to a global lifestyle player.