Goldman Sachs Alternatives and Blackstone complete investment to assist L’Occitane International S.A. Source: Shutterstock

Blackstone has completed a sizable financing capital investment to support controlling shareholder Reinold Geiger and related entities in a take-private of listed global multi-brand beauty and skincare group L’Occitane International.

This was completed with the help of Goldman Sachs Alternatives, Blackstone’s private equity strategy for individual investors, and funds handled by Blackstone Tactical Opportunities and its subsidiaries.

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On 29 April 2024, the offeror launched a tender offer to purchase and delist the company for HK$34.00 ($4.35) per share, which represents a significant premium for shareholders.

The offer was backed by a pledge of up to €1.551bn ($1.680bn) from Blackstone and Goldman Sachs Alternatives.

As of 23 July 2024, the offer has been deemed unconditional; the remaining shares will subsequently be acquired through required purchase, and the Company will continue to function as a privately held company after delisting.

Reinold Geiger and the other current shareholders will continue to be the company’s controlling shareholders when the take-private is completed.

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Moreover, Reinold Geiger has turned L’Occitane International into a global multi-brand company that produces and sells high-end beauty and wellness products since he first invested in the company in 1994.

With more than 3,000 retail locations, including more than 1,300 of its own stores, the company has operations in 90 countries globally. Its line-up includes L’OCCITANE en Provence, Melvita, Erborian, L’OCCITANE au Brésil, LimeLife, ELEMIS, Sol de Janeiro, and Dr. Vranjes Firenze, among other high-end cosmetic brands that support organic and natural ingredients.

Raphael de Botton, senior managing director at Blackstone Tactical Opportunities, stated: “We are pleased to partner with Reinold Geiger and L’Occitane Groupe S.A.’s management team to provide capital to a growing, high-quality family-led business. Supporting family-owned businesses like L’Occitane Groupe S.A. and entrepreneurs like Reinold Geiger with bespoke, patient capital solutions are hallmarks of what we seek to do at Blackstone. We look forward to supporting the Company as it begins the next phase of its growth.”

Moritz Jobke, head of hybrid capital for EMEA at Goldman Sachs Alternatives, added: “We are excited to embark on the next stage in L’Occitane Groupe S.A.’s development with Reinold Geiger and his team. Partnering with exceptional entrepreneurs is core to our Hybrid Capital strategy and we look 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.