BlackRock Long Term Private Capital will become the new majority shareholder in Creed, the Paris-based multi-century old luxury fragrance company.
Creed executive Javier Ferrán will become chairman of the company’s board of directors and join as an investor. Ferrán, who has experience with niche luxury brands and in working with European family-owned businesses, assumes his responsibilities following the transaction.
He will work closely with founder Olivier Creed, who will continue as the master perfumer of the fragrance house. The partnership with Ferrán and the Creed family, including Creed’s son Erwin, is BlackRock LTPC’s first investment in Europe. Michel Dyens & Co acted as the exclusive financial advisor to Creed.
The investment represents the firm’s and reflects its proposition to founder-led and family-owned companies who value a longer-term investment horizon, according to BlackRock.
“To have a business leader of Javier’s calibre join the Creed family is a significant boost to the business I have built over the past 50 years. His leadership and experience in the family owned luxury sector, as well as the financial support of a new majority investor with long term DNA, will ensure that Creed can continue to develop and produce the world’s greatest scents,” said Olivier Creed.
“This business has been in my family for over 250 years and it was critical that, when the time was right, I was able to choose the best partners who would be able to best maintain our heritage as a luxury family business while helping us reach more people around the world,” he added.
Creed continued: “Both Javier and our new partners at BlackRock LTPC are ideal partners for Creed given their collaborative approach to working with their companies and their long-term orientation.”
“The quality of the products that Olivier and Erwin have developed has enabled Creed to become the world’s leading artisan fragrance company,” said Ferrán.