Key Takeaways
- • Blackstone and Goldman Sachs Alternatives closed a financing capital investment of up to €1.551 billion to support controlling shareholder Reinold Geiger and related entities in the take-private of L'Occitane International S.A.
- • The tender offer, announced on 29 April 2024 at HK$34.00 per share, was declared unconditional as of 23 July 2024, with compulsory acquisition of remaining shares to follow.
- • Following delisting, L'Occitane will operate as a privately held business, with Geiger and other existing shareholders remaining controlling shareholders.
- • Blackstone's investment is led through funds managed by Blackstone Tactical Opportunities; Goldman Sachs Alternatives participates through its Hybrid Capital strategy.
- • Jefferies and HSBC advised Blackstone and Goldman Sachs Alternatives on the transaction.
Summary
Blackstone (NYSE: BX) and Goldman Sachs Alternatives have announced the closing of a significant financing capital investment supporting controlling shareholder Reinold Geiger and related entities (the "Offeror") in the take-private of L'Occitane International S.A. The commitment from Blackstone and Goldman Sachs Alternatives totals up to €1.551 billion, according to the companies' joint announcement.
On 29 April 2024, the Offeror announced a tender offer to acquire and delist the Company at HK$34.00 per share, which the companies describe as a compelling premium for shareholders. The offer was declared unconditional as of 23 July 2024, and a compulsory acquisition of the remaining shares is set to follow. Upon delisting, the Company will operate as a privately held business. Geiger and other existing shareholders will remain controlling shareholders after completion.
Geiger has led L'Occitane since first investing in the business in 1994, building it into a multi-brand premium beauty and wellness group. According to the announcement, the Company operates in 90 countries, with more than 3,000 retail outlets, including over 1,300 company-owned stores. Its brands include L'OCCITANE en Provence, Melvita, Erborian, L'OCCITANE au Brésil, LimeLife, ELEMIS, Sol de Janeiro and Dr. Vranjes Firenze.
Raphael de Botton, Senior Managing Director at Blackstone Tactical Opportunities, said the firm is pleased to partner with Geiger and the L'Occitane management team to provide capital to a growing, high-quality family-led business, describing the approach as bespoke, patient capital. Moritz Jobke, Head of Hybrid Capital for EMEA at Goldman Sachs Alternatives, said the firm looks forward to bringing the resources of the Goldman Sachs platform to support the business's growth.
Jefferies and HSBC advised Blackstone and Goldman Sachs Alternatives. Blackstone describes itself as the world's largest alternative asset manager with more than $1 trillion in assets under management, while Goldman Sachs Alternatives has over $450 billion in alternative assets.
On 29 April 2024, the Offeror announced a tender offer to acquire and delist the Company at HK$34.00 per share, which the companies describe as a compelling premium for shareholders. The offer was declared unconditional as of 23 July 2024, and a compulsory acquisition of the remaining shares is set to follow. Upon delisting, the Company will operate as a privately held business. Geiger and other existing shareholders will remain controlling shareholders after completion.
Geiger has led L'Occitane since first investing in the business in 1994, building it into a multi-brand premium beauty and wellness group. According to the announcement, the Company operates in 90 countries, with more than 3,000 retail outlets, including over 1,300 company-owned stores. Its brands include L'OCCITANE en Provence, Melvita, Erborian, L'OCCITANE au Brésil, LimeLife, ELEMIS, Sol de Janeiro and Dr. Vranjes Firenze.
Raphael de Botton, Senior Managing Director at Blackstone Tactical Opportunities, said the firm is pleased to partner with Geiger and the L'Occitane management team to provide capital to a growing, high-quality family-led business, describing the approach as bespoke, patient capital. Moritz Jobke, Head of Hybrid Capital for EMEA at Goldman Sachs Alternatives, said the firm looks forward to bringing the resources of the Goldman Sachs platform to support the business's growth.
Jefferies and HSBC advised Blackstone and Goldman Sachs Alternatives. Blackstone describes itself as the world's largest alternative asset manager with more than $1 trillion in assets under management, while Goldman Sachs Alternatives has over $450 billion in alternative assets.
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