French glass manufacturer Verescence has been acquired by Movendo Capital and Draycott.
The consortium of two family-owned investment firms has acquired a 100% stake in the company.
Thomas Riou, President of Verescence, said: “We are pleased to welcome new shareholders who support our strategy, investment plans and sustainability programme, including our decarbonisation roadmap.
“We are convinced that this project is positive for all our employees, our customers and our partners.”
João Coelho Borges, Founding Partner of Draycott, and Pedro Pereira Gonçalves, CEO of Movendo, said: “We are delighted to acquire a global leader with a strong and experienced management team that is perfectly aligned with our value creation strategy.
“Verescence's leading position in the industry aligns with our investment criteria in several key dimensions.
“By combining management's expertise with our own, we aim for sustainable growth and value creation for all stakeholders.”
Verescence produces 600 million bottles per year in its four glass production sites and five finishing sites in Europe, North America and Asia.
