Puig started the 2024 exercise with the acquisition of German cosmetics Dr. Barbara Sturm. The operation, which was the most colorful purchase of an exercise marked by the IPO, was not the only one, not even the one that required the greatest investment last year. Throughout the twelve months, the family perfumer allocated more than 800 million euros in getting small participations in Byredo and Charlotte Tilbury to jump to control 100% of the Swedish company and 78.5% of the British organization.
The quoted led by Marc Puig usually undertakes its corporate operations in two phases: a first acquisition of the majority of the capital and commitments in the consecutive years in which different packages are acquired. This was also in the case of these two purchases, the greatest undertaken by the Catalan company.
The main purchase is that of Charlotte Tilbury, which was undertaken in two different phases. The first, with the IPO in March, implied the payment of 366 million euros in cash and another 243 million liquidated with the issuance of new actions to keep 100% of the Prado Investments company -BDT Capital Partner still had 26.3%, since it accompanied him in the purchase- The company that has 73.1% of the capital of the cosmetic firm.
It was not the only movement. In the second half of the year, the organization acquired an additional 5.4% of the capital of the British group directly. It was in exchange for the payment of 214.8 million euros, which implies that Puig already controls 78.5% of the subsidiary. As the group explained at the time, in December an agreement was reached to extend the calendar of purchase options that originally won in 2025 until the end of 2030. The extension of these maturities and the projected growth indicators had a positive impact on their assets of 197.5 million euros.
Between the two operations, the perfumer group faced the payment of 580 million euros in cash, which adds to the remuneration of shares for BDT.
Before growing in Charlotte Tilbury, Puig did the same in the Swedish Byredo, acquired in 2022. The quoted added 77% to spring, when he showed 100% of the titles. He did it through two operations: one in which he bought 20% from Manzanita for 214 million and another in which he acquired the 3% that still had the founder of the brand, Ben Gorham, for 16 million euros in cash and another 16 million in class B shares. Thus, the investment was 230 million in cash.
To the Total 810 million -only in cash- Between both operations, the 291 million euros disbursed by Dr. Barbara Sturm could be added to reach a figure that would be around 1,100 million euros.
Debt debt
To finance these transactions – especially those of Byredo and Charlotte Tilbury – Puig requested 680 million euros to their reference banks through Revolving lines, as already anticipated electionomista.es.
In the brochure to launch the IPO, the company already explained that it requested in February three revolving lines worth 150 million euros each with maturities at one or two years, although extendable for 24 more months. All were signed to an interest that ranged between the Euribor +0.8% and the Euribor +0.9%. Only one month later, the company signed another 30 million credit that expires in March 2026 with a type of Euribor +0.49%.
Debt operations were sealed in the same month of April with another 200 million euros distributed among three revolving lines with two years, plus two other extendable, and an interest between 0.5% -one of 50 million -and 0.9% -the others, of 75 million euros.
Despite the important investment package, Puig achieved in 2024 increased the net profit to 530.6 million (+14%) thanks, in part, to the accounting revaluation of the purchase options of and Charlotte Tilbury. Sales were 4,790 million (+11.3%).
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