VERESCENCE acquired by MOVENDO CAPITAL / DRAYCOTT
Context
Stirling Square Capital Partners has reached an agreement to sell 100% of Verescence to a consortium formed by Movendo Capital and Draycott. This transaction follows a competitive auction process managed by Rothschild & Co, which attracted interest from major international private equity firms (One Rock, Lone Star, ICG) and global industrial players (PGP Glass, Vitro, Heinz). The acquisition represents a strategic shift for Verescence toward long-term family-office ownership, moving away from traditional short-cycle private equity. The deal is structured with a bank debt package representing a leverage level of 3.0x to 3.5x EBITDA and includes an earn-out provision based on the company's future financial performance. The strategic rationale for the Portuguese consortium is to back a global leader in a high-barrier-to-entry industry that is essential to the luxury ecosystem. The new owners have committed to supporting Verescence’s significant CAPEX requirements and its ambitious decarbonization initiatives, ensuring the company remains the partner of choice for luxury brands seeking sustainable packaging solutions in a growing global market.
In the past, the company had already been the subject of several LBOs, notably led by Oaktree Capital Management in 2010 and Stirling Square Capital in 2019. This succession of buyouts highlights the strong attractiveness of the company's business model.
VERESCENCE, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Industry & Manufacturing sector (11.5x).
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Target
Verescence is the world’s leading manufacturer of high-end glass bottles for the perfumery and cosmetics industries. With a heritage spanning 130 years, the company operates as a critical partner for global luxury giants such as LVMH and Hermès. Its business model integrates advanced glass-making expertise with sophisticated finishing techniques (decoration and customization) across a unique industrial footprint. Verescence produces approximately 600 million bottles annually through four glass production sites and five finishing plants located across Europe, North America, and Asia. The company is a pioneer in sustainable luxury, focusing on glass lightweighting, recycled glass content, and an ambitious decarbonization roadmap for its industrial furnaces. By combining large-scale industrial capacity with artisanal precision, Verescence maintains a dominant position in the "prestige" beauty packaging segment, supported by a global workforce of 2,500 employees.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with VERESCENCE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2019 | STIRLING SQUARE CAPITAL | VERESCENCE | FRANCE | Glass Packaging |
| 01/2010 | OAKTREE CAPITAL MANAGEMENT | VERESCENCE | FRANCE | Glass Packaging |
REFERENCES
Valuation range: EV 300M - 700M EUR
Revenue range: 250M - 500M EUR
EBITDA range: 50M - 100M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: verescence
Acquirer: draycott