Partners Group in talks to buy France's Aroma-Zone

Partners Group has announced the opening of exclusive negotiations to acquire Aroma-Zone, a French natural cosmetics brand. The current owner, the Paris investment company Eurazeo, will retain a significant minority stake once the transaction closes.

The Baar-based group has not disclosed financial details. According to the Financial Times, the valuation could approach 2 billion euros, or 1.9 billion Swiss francs.

Aroma-Zone was founded in 1999 and is the leading brand in the French natural cosmetics market. It distributes personal care, wellbeing and beauty products through physical stores and e-commerce. International expansion has so far covered Belgium, Italy and the United Kingdom.

Rapid growth over five years

The company's figures explain the interest. Since 2021 revenue has tripled and the number of stores has grown sevenfold. Active customers have passed 5 million, and male buyers now account for around a quarter of the total.

Partners Group already knows the file. Since 2021 it has financed Aroma-Zone through its private credit division, and with this transaction it would move from lending to an equity stake.

Executives explain their interest by the growth potential tied to the global shift towards natural, sustainable and affordably priced cosmetics. The brand is also gaining visibility through social channels. The stated aim is to accelerate international expansion and develop new product lines.

The market reaction was moderately positive, with the Partners Group share up around 1.5% in early trading. The longer-term picture remains difficult, however: the stock is down 29% since the start of 2026 and 54% over five years.

Partners Group was founded in 1996 and employs 2,000 people across 20 offices. Its regional headquarters are in Baar, in the canton of Zug, in Denver and in Singapore. Listed on the Swiss exchange since 2006, it manages 186 billion dollars, or 151 billion Swiss francs.

The deal fits an established trend in the sector. Large private capital managers are looking for consumer brands with fast growth and stable margins, at a time when returns on technology investments have become less predictable.