Swiss asset manager Partners Group is in exclusive talks to acquire a majority stake in French natural beauty brand Aroma-Zone from Eurazeo in a potential deal valuing the company at about $2.3 billion. The transaction, accelerated during the summer season, would see Eurazeo retain a significant minority share.
Negotiations for one of France’s fastest-growing beauty and wellness brands have moved rapidly into exclusive territory. Switzerland-based private equity firm Partners Group entered exclusive talks to acquire a majority stake in Aroma-Zone from the French holding company Eurazeo.
The prospective transaction values the natural beauty retailer at approximately $2.3 billion, or roughly 2 billion euros, including debt. The agreement on principal terms was reached overnight in a deal structured through Partners Group’s direct private equity program.
Eurazeo Retreats to Minority Position After Rapid Growth
Rather than making a complete exit, the French fund plans to reinvest alongside Partners Group to maintain a significant minority holding alongside the founding Vausselin family.
The divestment process was managed by the investment bank Centerview Partners, which Eurazeo had retained earlier in the year. For Eurazeo’s balance sheet, the transaction generates roughly 576 million euros in gross proceeds from the sale of its majority position.
Summer Negotiations Accelerate Deal Terms
Discussions between the parties intensified sharply over the final two weeks of the summer season. Negotiators from the Swiss investment firm and the French holding company reached an accord on the broad parameters of the arrangement, steering the process past preliminary interest and into formal exclusivity.
The structural framework relies on keeping key legacy stakeholders involved while transferring operational control to the Swiss asset manager. Both groups agreed to the core framework, though the transaction remains subject to customary regulatory approvals.
Scaling Plans and Market Expansion Strategy
Under Eurazeo’s backing, Aroma-Zone expanded its reach substantially. The brand tripled its revenues and widened its consumer base to over 5 million customers since 2021.
Partners Group outlined specific operational priorities for its upcoming stewardship. The growth strategy centers on scaling the brand’s platform to broaden consumer access, funding product innovation, and pushing the retail footprint further into both existing and new geographic markets.
Financial Stakes and Valuation Metrics
The potential valuation of $2.3 billion reflects the rapid commercial expansion of the direct-to-consumer and natural wellness retailer.
| Deal Parameter | Details |
|---|---|
| Target Entity | Aroma-Zone |
| Acquiring Firm | Partners Group |
| Seller / Retained Stake | Eurazeo (Significant Minority) |
| Valuation | About $2.3 Billion |
| Eurazeo Gross Proceeds | Approximately 576 Million Euros |
Regulatory filings and formal clearances will dictate the timeline for closing the acquisition. As the regulatory review moves forward, the consortium of buyers and retained sellers prepares to execute the strategic shift for the French wellness enterprise.
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