Eurazeo Sells Its Stake in EX NIHILO to L Catterton
French investment group Eurazeo announced on Sunday that it has entered into an exclusive agreement with L Catterton to sell its entire minority stake in Parisian perfumery house EX NIHILO. The transaction, concluded well above the last published valuation, is expected to generate a multiple of more than 2.5 times the initial investment in two years, according to the press release.
Complete Transfer of Minority Stake
According to the press release, Eurazeo will transfer its entire minority, yet significant, stake in EX NIHILO to L Catterton, which is described as the world's largest consumer-focused private equity firm. The founders of the perfume house, Sylvie Loday, Olivier Royère, and Benoît Verdier, are set to reinvest significantly alongside the new financial partner. Founded in Paris in 2013, EX NIHILO offers luxury perfumes based on customization and artisanal expertise, with creations like Fleur Narcotique and Blue Talisman earning it renown in the high-end perfumery segment. The group indicates that the brand also offers customization services through its Osmologists, allowing for the adaptation of existing fragrances.
Investment and Growth Over Two Years
Eurazeo invested in EX NIHILO about two years ago, according to the document. During this period, the investment group supported the founders and management in strengthening the brand's positioning, expanding internationally into existing markets and new geographic areas, as well as enhancing the leadership team. The release also mentions support for organizational initiatives that have allowed the brand to grow rapidly while improving its profitability. Eurazeo has also paid particular attention to sustainability issues, especially in terms of decarbonization.
Transaction Pending Regulatory Approvals
The transaction, which is subject to customary conditions including obtaining regulatory approvals, is expected to be finalized in the first quarter of 2026, the press release specifies. According to Eurazeo, this sale is expected to generate a multiple of more than 2.5 times the initial investment made about two years ago, and demonstrates the quality of the group's assets and its expertise in value creation. L Catterton will take over to support EX NIHILO in its next phase of international development. The exact amount of the transaction has not been disclosed.
