Eurazeo Completes Exit of Minority Stake in Ex Nihilo to L Catterton

Why It Matters

The deal highlights accelerating private‑equity interest in niche luxury cosmetics and could accelerate Ex Nihilo’s international rollout. It also reshapes Eurazeo’s portfolio toward higher‑growth sectors.

Key Takeaways

• Eurazeo sold its minority stake in Ex Nihilo.
• Buyer: L Catterton, consumer‑focused private equity firm.
• Deal underscores growth in luxury fragrance sector.
• Ex Nihilo retains Parisian heritage and global expansion plans.
• Transaction value undisclosed, reflects strategic portfolio reshuffle.

Pulse Analysis

Private equity firms have increasingly turned to the luxury fragrance segment, attracted by high margins and resilient consumer demand. Eurazeo’s decision to divest its minority position reflects a broader strategy to redeploy capital into faster‑growing opportunities, while L Catterton’s acquisition aligns with its portfolio of consumer‑centric brands. Both firms recognize that niche perfume houses like Ex Nihilo can command premium pricing and benefit from digital‑first distribution channels, making them attractive targets for investors seeking stable, upscale growth.

For Ex Nihilo, the partnership with L Catterton provides not only fresh capital but also access to a global network of retail and e‑commerce expertise. The brand, renowned for its handcrafted Parisian scents, is poised to accelerate its expansion into North America and Asia, leveraging L Catterton’s experience in scaling consumer brands. This infusion of resources may also enable accelerated product innovation, limited‑edition releases, and collaborations that deepen its appeal to affluent millennials and Gen Z shoppers who value exclusivity and storytelling.

The transaction underscores a wider consolidation trend within the luxury beauty industry, where larger investment houses acquire niche players to build diversified portfolios. As consumers continue to prioritize personalized, high‑quality fragrance experiences, brands like Ex Nihilo are well‑positioned to capture market share. Analysts anticipate that continued private‑equity backing will drive further M&A activity, fostering a competitive environment that encourages both creative product development and strategic global distribution.

Deal Summary

Eurazeo has completed the sale of its minority stake in the Paris‑based luxury fragrance house Ex Nihilo to private equity firm L Catterton. The transaction, announced on February 20, 2026, marks Eurazeo’s exit from the brand. Deal value was not disclosed.