Verescence acquired by Stirling Square Capital

On 26 February 2019, pan-European private equity firm Stirling Square Capital Partners finalized the acquisition of 100% of the share capital of Verescence from Oaktree Capital Management, following exclusive negotiations entered into in mid-December 2018. The secondary buyout marks the complete exit of Oaktree, which had held sole ownership of the French luxury glass packaging manufacturer since late 2009, having financed and completed an operational and financial turnaround following restructuring proceedings in 2010–2011. The transaction closed following statutory consultation with Verescence’s works council (comité social et économique). The investment thesis focuses on backing incumbent management, led by Chief Executive Officer Thomas Riou, to accelerate Verescence’s organic and inorganic expansion as the global market leader in premium glass packaging for the perfumery and cosmetics industries. Guided by Stirling Square Partner Julien Horreard, the sponsor will support management's existing multi-year capital expenditure program, targeted at industrial automation, decarbonization of furnace technologies, and post-consumer recycled (PCR) glass innovation. The transition from a turnaround-focused sponsor to a mid-market growth investor ensures continuity in strategic governance while providing follow-on capital to deepen commercial relationships with blue-chip global beauty and fragrance conglomerates.

In the past, Verescence was acquired by Oaktree Capital Management in 2010 as part of its expansion strategy.