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PGP Glass reportedly in the running to acquire French glassmaker Verescence

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Apparently, Verescence is extremely coveted! Stirling Sq. Capital, the British non-public fairness fund who has owned the French luxurious glassmaker since 2019, has entrusted Rothschild & Co with a gross sales mandate, as revealed by the Reorg web site on the finish of 2023, and the funding financial institution would have acquired no less than 4 acquisition gives.

In accordance with L’Informé, the New York-based non-public fairness fund One Rock Capital Companions, in addition to two household places of work, Teak Capital and the Safra household funding construction, would even be engaged on the undertaking.

However it was the identification of the fourth protagonist disclosed by the web media which caught all the eye! Inded, L’Informé unveiled that the Indian glassmaker PGP Glass, beforehand generally known as Piramal Glass, has additionally made a proposal.

Piramal Glass, which was renamed PGP Glass within the wake of its acquisition by Blackstone in late 2020, for a valuation of USD 1 billion, owns two glass making websites in India, and one in Sri Lanka, with an general capability of 1,600 tonnes per day. Initially specializing within the manufacture of nail polish bottles, the Indian glassmaker steadily moved upmarket and has by no means hidden its curiosity in luxurious, the core enterprise of Verescence. To be continued !

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