French glassmaker Verescence has acquired a majority stake in Amorepacific subsidiary Pacificglas.

WHO: Pacificglas is a specialist in premium glass packaging for the cosmetics industry, founded in 1973 and based in South Korea.

Verescence is an expert in luxury glass packaging for the perfumery and cosmetics industries. The company has three glass production and four decoration sites in Europe and North America.

WHY: The transaction will increase Verescence’s presence in Asia to meet the growing demand for high-end glass.

IN THEIR OWN WORDS: “We are delighted with the acquisition of a majority stake in Pacificglas and the long-term partnership with Amorepacific. This is a major step in our Strategic Plan, Verescence 2022. Amorepacific will become a top customer of Verescence group and with Pacificglas, Verescence will reinforce its leadership in high-end Perfumery & Cosmetic glass packaging. From this strong base Verescence plans to become a pan-Asian leader and will invest in technology and capacity to meet growing demand of high-end glass,” said Thomas Riou, CEO of Verescence.

DETAILS:

• Stirling Square Capital Partners–backed French glassmaker Verescence has acquired a majority stake in Amorepacific subsidiary Pacificglas.
• Financial terms of the transaction were not disclosed.
• Verescence will enter into a long-term partnership with Amorepacific, the now former parent company of Pacificglas.
• Verescence produces 500 million bottles per year in its three glass production sites and its four decoration sites in Europe and North America.
• In 2019, the company employed 2,300 people worldwide and achieved sales revenue of 309 million euros.
• In March 2019 Verescence received investment from Stirling Square Capital Partners.