Swiss investment firm Partners Group has entered exclusive negotiations with Eurazeo, the primary shareholder of French beauty group Aroma-Zone, to acquire the company for approximately €2 billion. Both parties confirmed the proposed agreement on Thursday, with sources familiar with the matter valuing Aroma-Zone at around €2 billion. Under the proposed terms, Eurazeo will retain a significant minority stake.
Headquartered in Provence and founded over two decades ago, Aroma-Zone specializes in selling beauty and health products featuring natural ingredients. French asset manager Eurazeo became the company's main shareholder in 2021 in a deal valued at roughly €700 million, with the founding Vausselin family retaining a substantial stake after that transaction. Eurazeo stated on Thursday that this sale will generate €576 million in proceeds for its balance sheet.
Eurazeo partner Amandine Eyrem highlighted that Aroma-Zone has demonstrated the strength and relevance of its business model. The company has experienced rapid growth in recent years, with revenue surging 52% in 2025, following similar growth rates in the prior two years. It has launched dozens of new products and expanded its store network. Partners Group Managing Director Andreas Holzmueller noted that Aroma-Zone has built a highly engaged customer community, with clients actively participating in product promotion and sharing, and that Partners Group is committed to supporting its continued growth.
This deal represents a significant transaction among private equity firms, as the industry faces pressure from investors to sell assets and free up capital. The negotiations around Aroma-Zone are the latest in a series of proposed deals in the European beauty sector. L'Oréal acquired the beauty business of Kering, the parent company of Gucci, which also includes brands like Balenciaga and Bottega Veneta, for €4 billion this year. Private equity firm Advent International is also exploring a $2 billion sale of its stake in the Parfums de Marly fragrance business. Earlier this year, U.S. cosmetics giant Estée Lauder and Spanish rival Puig held talks for a merger valued at nearly $40 billion to create a fashion and beauty powerhouse, but the negotiations ultimately fell through.
The health and wellness sector has become a particularly attractive investment category in recent years, even amid challenges such as consumer caution due to inflation across the broader consumer goods industry. Aroma-Zone was founded in 1999 as an aromatherapy information website, began selling essential oils within a year, and later offered kits for customers to make natural cosmetics at home. Its business has since expanded into categories including facial serums, nutritional supplements, and shampoos. Eurazeo manages approximately €40 billion in assets, while Partners Group manages around $186 billion.
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