Global private equity firm Advent International has acquired a majority stake in the Sprecher Berrier Group of Companies and French niche fragrance brands Parfums de Marly and Initio Parfums Privés in a deal reported to be more than $700 million by WWD.

WHO: Both Parfums de Marly and Initio Parfums Privés are portfolio brands of Sprecher Berrier Group of Companies (SBGC), created in 1981 and managed by Julien Sprecher and Axel Berrier since 2000. The group is a consulting agency and master distributor for perfume brands in the Middle East and Near East.

Launched in 2009, Parfums de Marly taps into 18th-century France and Louis XV's passion for horses, and the Marly castle dedicated to horses’ well-being, for inspiration.

Launched in 2015, Initio Parfums Privés has a unisex positioning and describes itself as a "neo-perfumery" label, and launched its first flagship on Paris’ Rue Saint-Honoré in May 2022.

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. In the beauty sector, Advent International has invested in Douglas, Olaplex and, in 2021, created Orveon to house Laura Mercier, Buxom, and BareMinerals, acquired from Shiseido.

WHY: Advent International's investment will accelerate the global expansion of Parfums de Marly and Initio Parfums Privés and strengthen their omnichannel presence.

IN THEIR OWN WORDS: “The group has grown rapidly to become a leading niche perfumery house in the attractive niche luxury fragrance segment, which represents the fastest-growth area within the sizable $60 billion global fragrance market, and benefits from high levels of customer loyalty and resilience,” Advent said in a statement.

“It’s very much of a continuity plan that we are going through,” said Julien Sausset, Chief Executive Officer of Parfums de Marly and Initio, of the deal with Advent. “It’s a real partnership approach."

DETAILS:

• Advent International has acquired a majority stake in the Sprecher Berrier Group of Companies and its niche fragrance brands Parfums de Marly and Initio Parfums Privés.
• WWD reported that industry sources value the deal at more than $700 million. 
• Parfums de Marly posted retail sales of $280 million in 2022, with 1,400 sales points worldwide and 73% growth in US department stores. 
• The Americas business generated half of Parfums de Marly’s total sales and gained 50% against 2021. The Asia business also fueled growth, with sales increasing 60%.
• For its current fiscal year ending March 2024, Parfums de Marly is targeting retail sales of $375 million.
• Initio Parfums Privés is sold in 900 doors, with retail sales of $86 million last year. For its current fiscal year ending March 2024, Initio is expected to reach $125 million in retail sales.
• Julien Sprecher launched Parfums de Marly and Initio’s parent company, the Sprecher Berrier Group of Companies, then served as SBGC Chairman and Creative Director to Parfums de Marly. He will remain in both roles and is a significant minority investor in the business, as well as the sole co-investor alongside Advent.
• SBGC’s management team will also stay in place. 
• By the end of 2023, Sprecher Berrier Group of Companies, headquartered in Dubai, United Arab Emirates, expects retail sales to reach $500 million. 
• Co-exclusive advisors to Parfums de Marly and Initio were BNP Paribas and Jefferies.