Approved · Waiver · decided in 13 days, 4 Feb 2026
US private equity firm L Catterton Management, via Saphir Holdings SAS, acquired approximately 45% of the issued share capital of French luxury fragrance house Ex Nihilo Group. This share acquisition involves a global player specialising in high-end perfumes and related products, covering wholesale and retail distribution.
L Catterton Management Limited, together with its controlled funds and affiliates (LCAT), proposes to acquire ~45% of the issued share capital of Ex Nihilo Group (Ex Nihilo), through LCAT’s controlled entity, Saphir Holdings SAS (Saphir). LCAT is a consumer-focused private equity firm based in the United States with assets under management globally. Ex Nihilo is a luxury fragrance house based in France specialising in the creation, production, and wholesale and retail distribution of high-end perfumes and related products. Ex Nihilo was launched in 2013 and has retailers operating worldwide.