LONDON–(–)–BlackRock Long Term Private Capital announced today that it has reached an agreement with Mr. Olivier Creed to become the new majority shareholder in Creed, his family’s multi-century old luxury fragrance company. Industry leading executive Javier Ferrán will become chairman of the company’s board of directors and join as an investor.
Mr. Ferrán, who has extensive experience with niche luxury brands and in working with European family-owned businesses, assumes his responsibilities at close of the transaction. He will work closely with Mr. Creed, who will continue as the master perfumer of the fragrance house.
The partnership with Mr. Ferrán and the Creed family, including Mr. Creed’s son Erwin, is BlackRock LTPC’s first investment in Europe and reflects its unique proposition to founder-led and family-owned companies who value a longer-term investment horizon.
Mr. Creed said:
“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.
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. 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. I also look forward to continuing to work with all our staff, suppliers and distributors, and I know that they will continue to share in our success.”
Mr. Ferrán said:
“It is a privilege to build on Olivier’s legacy and become custodians of this treasured business. The quality of the products that Olivier and Erwin have developed has enabled Creed to become the world’s leading artisan fragrance company. I am looking forward to maintaining all the elements that make this such a great business and partnering with all of the company’s employees, suppliers and distributors.
BlackRock LTPC brings the right approach to building a premium brand, and together we can be a unique owner for the company. All of us recognise that the fragrance can reach new customers and enable them to experience the joy of Creed while growing carefully and thoughtfully over time.”
Dag Skattum, Head of European Office of Long Term Private Capital, said:
“We are very pleased to be partnering with the Creed family and Javier Ferrán as the new majority owner of a truly differentiated and world-class business that we can preserve and enhance for many years to come.”
Michel Dyens & Co acted as the exclusive financial advisor to Creed.
The House of Creed has become one of the world’s leading perfume houses. Established in 1760 in London by Henry Creed as a luxury goods maker, Creed is led by Mr. Olivier Creed, “Créateur Parfumeur” and direct descendant of the founder. Mr. Creed travels extensively to source, research, inspect and commission the finest materials for Creed. Creed manufactures essences using a traditional infusion technique which enables Creed to maintain the superior quality and authenticity of its fragrances.
About BlackRock LTPC
Long Term Private Capital is BlackRock’s direct private equity strategy and is focused on partnerships with best-in-class businesses, prudent capital structures, and flexible investment durations that enable compounded capital appreciation. LTPC’s team of 20 professionals is based in New York and London and invests globally with a focus on North America and Western Europe. LTPC is backed by BlackRock, Inc., the world’s leading investment firm, which manages more than $7.43 trillion on behalf of investors worldwide, including $215 billion across alternative asset classes. Further information is available at www.blackrock.com.
About Javier Ferrán
Javier Ferrán is a seasoned executive with over three decades of experience partnering with European family and founder-owned companies. Mr. Ferrán serves as chairman of Diageo plc, having previously been a non-executive director. Before that, he spent over 20 years at Bacardi, ultimately serving as President and CEO, and previously as president of Bacardi EMEA. He serves on the board of directors of International Consolidated Airline Group (IAC) and Coca-Cola European Partners, and previously served on the boards of Associated British Foods plc, SABMiller plc, William Grant & Sons Ltd, and Agrolimen SA.
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