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Goldman Sachs Alternatives and Blackstone Complete Investment to Support Privatization of L’Occitane International S.A.

30 July 2024 | 4 minute read
Goldman Sachs Alternatives and Blackstone today announced the closing of a significant 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 S.A.
LONDON, UK & HONG KONG – July 30, 2024 – Goldman Sachs Alternatives and Blackstone (NYSE: BX), through funds managed by Blackstone Tactical Opportunities and its affiliates as well as Blackstone’s private equity strategy for individual investors (“Blackstone”), today announced the closing of a significant financing capital investment to support controlling shareholder Reinold Geiger and related entities (the “Offeror”) in a take-private of listed global multi-brand beauty and skincare group L’Occitane International S.A. (the “Company”). 


Supported by a commitment by Goldman Sachs Alternatives and Blackstone of up to €1.551 billion, on 29 April 2024 the Offeror announced a tender offer to acquire and delist the Company for HK$34.00 per share, representing a compelling premium for shareholders. The offer has been declared unconditional as of 23 July 2024, with a compulsory acquisition of remaining shares to follow. Upon delisting, the Company will operate as a privately held business. Following completion of the take-private, Reinold Geiger and other existing shareholders will remain controlling shareholders of the Company.
 
Since first investing in the business in 1994, Reinold Geiger has transformed L’Occitane International S.A. into a worldwide multi-brand group that manufactures and retails premium beauty and wellness products. The Company operates in 90 countries worldwide and has more than 3,000 retail outlets, including over 1,300 of its own stores. Within its portfolio of premium beauty brands that champion organic and natural ingredients are: L’OCCITANE en Provence, Melvita, Erborian, L’OCCITANE au Brésil, LimeLife, ELEMIS, Sol de Janeiro and Dr. Vranjes Firenze.
 
Moritz Jobke, Head of Hybrid Capital for EMEA at Goldman Sachs Alternatives, said: “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.”
 
Raphael de Botton, Senior Managing Director at Blackstone Tactical Opportunities, said: “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.” 
 
Blackstone and Goldman Sachs Alternatives were advised by Jefferies and The Hongkong and Shanghai Banking Corporation Limited (“HSBC”). 
 

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram. 

 

About Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023. Follow us on LinkedIn.

 

Contacts:

Goldman Sachs Alternatives
Joseph Stein
+44 0207 774 4080

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