BlackRock invests in House of Creed

Spanish entrepreneur Javier Ferrán will invest in the business alongside the GP and become chair of the company’s board of directors. He will work closely with Oliver Creed, who will continue as master perfumer of the fragrance house, and his son Erwin.

This is BlackRock LTPC’s first investment in Europe. The fund focuses on partnerships with founder-led and family-owned companies, with "prudent" capital structures, and has a long-term investment horizon, with flexible investment durations to enable compounded capital appreciation.

The fund was launched in 2018 with a $12bn target and has raised $3.85bn so far, according to press reports.

LTPC has a team of 20 professionals based in New York and London and invests globally with a focus on North America and western Europe. The fund has already made an investment in US-based Authentic Brands Group, by acquiring a 30% stake in the company for $875m in August 2019.

Company
Established in 1760 in London by Henry Creed as a luxury goods maker, House of Creed specialises in producing fragrances, perfumes and essences using a traditional infusion technique.

The company is headquartered in Paris with a factory at Fontainebleau, and has boutiques in Paris, London, Milan, Vienna, New York, Los Angeles, Miami, Dubai and Kuwait City. It generated revenues of around $270m in 2019, according to press reports.

People
BlackRock - Dag Skattum (head of European office of Long Term Private Capital).

Advisers
Company - Michel Dyens & Co (corporate finance).

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