Advent acquires majority stake in Parfums de Marly and INITIO Parfums Privés

The GP will be investing in the businesses via Advent International GPE X, a spokesperson from the firm told Unquote. The fund held a final close on USD 25bn in May 2022 and invests in companies from the healthcare, industrial, consumer, TMT and retail sectors, mainly from North America and Europe, according to Unquote Data.

To date, the fund has acquired a number of portfolio companies "in the high single digits", said the spokesperson, without disclosing an exact deployment level.

Following Advent's investment, the two businesses will be managed as two separate brands under the umbrella of the same group, said the spokesperson.

The GP will acquire a majority shareholding in the group from founder Julien Sprecher, who will remain with executive chairman, creative director and a large minority shareholder, according to a press release.

The group is well-positioned in the niche luxury fragrance segment, which represents the fastest-growth area within the USD 60bn global fragrance market and benefits from high levels of customer loyalty and resilience, it said.

The company has a strong presence in the US, Europe and the Middle East, and Advent will leverage its experience within the consumer and beauty sector to support the management team's ambition to accelerate international growth and strengthen the company's omni-channel strategy, it said.

Its activity in the consumer sector includes investments in premium beauty products retailer Douglas; global travel retailer Dufry, bareMinerals, BUXOM and Laura Mercier, which it owns under cosmetic brands group Orveon; and Olaplex, a global professional hair care brand.

Its recent consumer sector exit activity includes the sale of its stake in UK marketing content group Tag to Japanese listed peer Dentsu for GBP 533m (EUR 600m) in March 2023.

Company
Parfums de Marly and INITIO Parfums Privés will be managed separately under the same group. Parfums de Marly was created in 2009 by Julien Sprecher, while Parfums Privés was founded in 2015. The company generates EUR 500m in retail sales, said the spokesperson.

People
Parfums de Marly & INITIO Parfums Privés − Julien Sausset (CEO).
Advent International − Ranjan Sen (managing partner), Nicolas Chavanne (managing director).

Advisers
Equity − Eight Advisory (corporate finance); Weil, Gotshal & Manges (legal); BCG (commercial).
Vendor – KPMG (corporate finance); BNP Paribas, Jefferies (M&A); Eversheds Sutherland (legal); OC&C (commercial).

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• Advent International