Eurazeo divests EX NIHILO stake to L Catterton; founders reinvest

Eurazeo has agreed to exit its holding in perfume house EX NIHILO, with consumer-focused private equity firm L Catterton stepping in as the buyer under an exclusive sale agreement. The transaction, which follows a concentrated two-year partnership, positions the Maison for a new international growth phase while keeping the founding team at the heart of the business.

EX NIHILO, founded in Paris in 2013 by Sylvie Loday, Olivier Royère and Benoît Verdier, has built a distinctive niche combining artisanal craft with personalization services such as its Osmologues offering. Signature launches including Fleur Narcotique and Blue Talisman helped the brand capture loyal customers and accelerate expansion across selective global markets.

Since acquiring a minority stake roughly two years ago, Eurazeo supported the company through brand-building, organizational upgrades and international roll-out, alongside initiatives on sustainability and carbon reduction. Under the new terms, Eurazeo will sell its entire stake and the founders and management are due to significantly reinvest alongside L Catterton, signalling continued founder alignment with strategic growth plans.

The deal is being acknowledged inside the market as a strong commercial outcome: the exit is reported to deliver a value uplift of more than 2.5x on the original investment over two years. That multiple, achieved in a relatively short timeframe, underscores how active operational support and targeted international expansion can rapidly improve results in premium consumer categories.

From a sector standpoint, the prestige fragrance market remains attractive. The global premium perfume segment is commonly estimated in the tens of billions of euros and is growing at mid-single-digit rates, driven by personalization trends, direct-to-consumer channels and rising demand in Asia. L Catterton, as one of the largest specialist investors in consumer brands, is likely to prioritise scale, selective retail partnerships and continued product innovation to amplify EX NIHILO’s reach.

The transaction is subject to standard closing conditions, including regulatory approvals, with finalisation anticipated in the first quarter of 2026. Executives at Eurazeo hailed the outcome as proof of their value-creation approach, while the founders framed the move as a way to preserve creative DNA while accelerating international ambitions. For the market, the sale reaffirms investor appetite for well-positioned niche luxury brands that combine craftsmanship with modern customer experiences.