Following Purever's entry in 2024, Draycott, a diversified alternative asset manager that combines equity capital with selected family assets, has made its second international investment in less than a year with the acquisition of Verescence, a global leader in glass packaging for the beauty and luxury cosmetics segment. The €490 million deal represents the largest investment led by a Portuguese private equity firm, according to TTR Data.
With an industrial presence in Europe, North America and Asia-Pacific, Verescence has a global market share of around 21%. A strategic partner of brands such as Chanel, LVMH, Hermès and L'Oréal, the French company combines more than 130 years of experience with innovation, technical excellence and commitment to sustainability, offering a differentiated portfolio of decorated and patented solutions.
Seen as a unique investment opportunity in a world-leading company, Draycott is now preparing to support Verescence's next phase of growth by leveraging its expertise in operational efficiency, strategic portfolio evolution and sustainability leadership. At a time when the luxury segment is growing at an annual rate of 6.7% (CAGR 2023-2028), the business, for which Draycott acquired Movendo Capital, presents a very attractive return profile, consolidating the asset manager's strategy of operating in premium sectors, with leading assets, and a highly disciplined global approach.
‘This transaction reflects what is at the heart of our work at Draycott: identifying globally differentiated assets, in sectors with favourable structural dynamics, and executing high impact investments with rigour. Leading a deal of this size - across geographies, stakeholders and timeframes - reinforces the strength and discipline of our team,’ adds Vanessa Moura Brás, Investment Partner at Draycott.
In 2024, Draycott's private equity unit consolidated its position as the most active Portuguese investor, leading in terms of both capital invested - over €300m involved - and number of transactions completed - a total of nine - according to TTR Data. With diversified and proven expertise and experience in private equity, real estate and venture capital, this landmark acquisition reinforces Draycott's ambition in the Portuguese market and beyond.
‘Verescence represents much more than a transaction - it is a clear affirmation of Draycott's ambition to position itself as a major player. This transaction highlights the growing role of local investors on the international stage, reflecting our ability to source and structure complex investments across borders. We approach every opportunity with creativity, agility and a strong alignment of interests, always focused on long-term value creation,’ says João Coelho Borges, founding partner of Draycott.
This investment marks a new milestone in the history of domestic private equity, demonstrating that Portuguese funds are prepared to lead operations on a global scale in a highly competitive and demanding sector.
About Draycott:
Draycott is a diversified alternative asset manager combining equity capital with capital from selected families, with a focus on the Private Equity, Real Estate and Venture Capital verticals, and a flexible approach to capital allocation, strong alignment and a focus on long-term value creation. Draycott has a founding partner with over 20 years of experience and a consistent track record of returns well above market standards, with shorter than average divestment periods. The acquisition of France's Verescence is the largest investment ever made by a Portuguese private equity firm. For more information: https://draycott.pt/
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