Blackstone Said to Consider Bid for Skincare Company L’Occitane

Blackstone Inc. is contemplating a bid for skincare firm L’Occitane Worldwide SA, in response to individuals accustomed to the matter.

The non-public fairness agency has been conducting preliminary due diligence because it evaluates a possible supply for L’Occitane, the individuals mentioned. Blackstone is contemplating the opportunity of teaming up with L’Occitane’s billionaire chairman Reinold Geiger on a buyout, in response to the individuals, who requested to not be recognized discussing non-public deliberations.

L’Occitane shares rose 0.8 % in Hong Kong buying and selling Monday, giving it a market worth of about HK$38.4 billion ($4.9 billion). Final yr, Geiger thought-about taking the corporate non-public with a view to doubtlessly relisting it in Europe at a better valuation. He ultimately deserted the thought, triggering a hunch in L’Occitane inventory.

An funding car in the end managed by Geiger owns greater than 70 % of L’Occitane, change filings present. Deliberations are at an early stage, and there’s no certainty they’ll result in a proposal. L’Occitane might additionally entice curiosity from different suitors, the individuals mentioned.

A Blackstone consultant declined to remark. A spokesperson for L’Occitane didn’t instantly reply to a request for remark.

The corporate, headquartered in Luxembourg, went public on the Hong Kong bourse in 2010. The inventory peaked in 2022 at greater than double its IPO value, however has since retreated. L’Occitane’s enterprise worth was about 10 instances its estimated earnings earlier than curiosity, tax, depreciation and amortisation at Monday’s shut, whereas friends on common commerce at greater than 13 instances, in response to information compiled by Bloomberg.

By Vinicy Chan, Manuel Baigorri and Cathy Chan

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