Key Takeaways
- • Boyne Capital acquired YZY Fragrances, a Miami-based fragrance designer and manufacturer founded in 1986, marking the first portfolio company investment from Boyne's newly closed $355 million Fund III.
- • YZY operates three core brands—Territoire, Acqua di Parisis, and Insurrection—positioning premium-quality fragrances at accessible price points across retail, wholesale, and distribution channels, including men's and women's fragrances, body sprays, and gift collections.
- • Boyne Capital Fund III exceeded its $275 million fundraising target and closed 90 days after launch with total commitments exceeding $400 million including general partner co-investments, signaling strong institutional appetite for lower middle-market consumer products.
- • The acquisition targets the fragrance segment, characterized as "one of the most resilient and dynamic segments within beauty," with post-acquisition plans to accelerate innovation, expand distribution partnerships, and invest in brand building and merchandising.
- • Riley Securities served as sell-side advisor; Boyne Capital targets companies with sub-$100 million revenues and $3–$15 million EBITDA across healthcare services, manufacturing, consumer products, and business services.
Summary
Boyne Capital, a Miami-based lower middle-market investment firm, has acquired YZY Fragrances, a branded fragrance company with a 40-year operating history. The transaction marks the first portfolio deployment from Boyne's Fund III, which achieved its first and final close in April 2026 with $355 million in limited partner commitments, exceeding the firm's $275 million target within 90 days of launch. Total commitments including parallel fund vehicles and general partner group contributions exceeded $400 million.
YZY Fragrances designs, formulates, manufactures, and distributes fragrance products through multiple sales channels, blending accessible pricing with premium product quality and packaging. The company operates three primary brands—Territoire, Acqua di Parisis, and Insurrection—with a portfolio encompassing men's and women's fragrances, body mists, colognes, body sprays, and gift-oriented collections. Founded in 1986 and headquartered in Miami, YZY maintains established relationships across retail, wholesale, and distribution partners.
Derek McDowell, Boyne Capital's managing partner, emphasized the investment thesis, stating that "YZY's emphasis on product excellence and strong customer relationships positions the Company to capitalize on favorable category trends." Roman Krislav, a managing director at the firm, characterized fragrance as "one of the most resilient and dynamic segments within beauty" and outlined Boyne's post-acquisition strategy: scaling the platform, deepening distribution channels, investing in brand building and merchandising, and expanding consumer reach.
Joseph Bouskila, YZY's chief executive officer, highlighted Boyne's operational and financial resources as catalysts for accelerating innovation, expanding partnerships, and elevating the portfolio. Boyne Capital typically invests in companies with annual revenues below $100 million and EBITDA between $3 million and $15 million across healthcare services, manufacturing, consumer products, and business services. Riley Securities provided sell-side advisory services on the transaction.
YZY Fragrances designs, formulates, manufactures, and distributes fragrance products through multiple sales channels, blending accessible pricing with premium product quality and packaging. The company operates three primary brands—Territoire, Acqua di Parisis, and Insurrection—with a portfolio encompassing men's and women's fragrances, body mists, colognes, body sprays, and gift-oriented collections. Founded in 1986 and headquartered in Miami, YZY maintains established relationships across retail, wholesale, and distribution partners.
Derek McDowell, Boyne Capital's managing partner, emphasized the investment thesis, stating that "YZY's emphasis on product excellence and strong customer relationships positions the Company to capitalize on favorable category trends." Roman Krislav, a managing director at the firm, characterized fragrance as "one of the most resilient and dynamic segments within beauty" and outlined Boyne's post-acquisition strategy: scaling the platform, deepening distribution channels, investing in brand building and merchandising, and expanding consumer reach.
Joseph Bouskila, YZY's chief executive officer, highlighted Boyne's operational and financial resources as catalysts for accelerating innovation, expanding partnerships, and elevating the portfolio. Boyne Capital typically invests in companies with annual revenues below $100 million and EBITDA between $3 million and $15 million across healthcare services, manufacturing, consumer products, and business services. Riley Securities provided sell-side advisory services on the transaction.
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