Apparently, Verescence is highly coveted! Stirling Square Capital, the British private equity fund who has owned the French luxury glassmaker since 2019, has entrusted Rothschild & Co with a sales mandate, as revealed by the Reorg website at the end of 2023, and the investment bank would have received at least four acquisition offers.
According to L’Informé, the New York-based private equity fund One Rock Capital Partners, as well as two family offices, Teak Capital and the Safra family investment structure, would also be working on the project.
But it was the identity of the fourth protagonist disclosed by the online media which caught all the attention! Inded, L’Informé unveiled that the Indian glassmaker PGP Glass, previously known as Piramal Glass, has also made an offer.
Piramal Glass, which was renamed PGP Glass in the wake of its acquisition by Blackstone in late 2020, for a valuation of USD 1 billion, owns two glass making sites in India, and one in Sri Lanka, with an overall capacity of 1,600 tonnes per day. Initially specializing in the manufacture of nail polish bottles, the Indian glassmaker gradually moved upmarket and has never hidden its interest in luxury, the core business of Verescence. To be continued !
