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.
-ends-
About 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.
Risk Warnings
Capital at risk. The value of investments and the income
from them can fall as well as rise and are not guaranteed. The
investor may not get back the amount originally invested.
Past performance is not a reliable indicator of current or
future results and should not be the sole factor of consideration
when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause
the value of investments to diminish or increase.
Fluctuation may be particularly marked in the case of a higher
volatility fund and the value of an investment may fall suddenly
and substantially. Levels and basis of taxation may change from
time to time.
An investment in the Partnership is speculative and includes
a high degree of risk, including the risk of a total loss of
capital. Any investment decision with respect to the Partnership
must be based solely on the most current version of each of the
offering memorandum, the Partnership’s governing documents and each
limited partner’s subscription agreement. There is no assurance
that the Partnership, any of the strategies described herein or any
investment will achieve its objectives.
Valuation risk. The Partnership will be exposed to
securities and other assets that will not have readily assessable
market values. In such instances, the AIFM will determine the fair
value of such securities and assets in its reasonable judgment
based on various factors and may rely on internal pricing
models.
The valuation of illiquid securities and other assets is
inherently subjective and subject to increased risk that the
information utilised to value such assets or to create the price
models may be inaccurate or subject to other error. Due to a wide
variety of market factors and the nature of the securities and
assets to which the Partnership will be exposed, there is no
guarantee that any value determined will represent the value that
will be realised on the eventual disposition of the Partnership’s
investments or that would, in fact, be realised upon an immediate
disposition of such investment.
The Partnership Does Not Have a Fixed Term and Withdrawals
Generally Will Not Be Permitted. The Partnership is not
intended to be a short-term investment and has no certainty of
returns. The Partnership is intended only for long-term investors
able to accept the risks associated with an illiquid
investment.
The Partnership does not have a fixed term and is generally
expected to retain and reinvest proceeds from Investments.
Additionally, even if an LP Termination Event or a Dissolution
Event occurs (as defined in the Private Offering Memorandum), the
Representative may cause the Partnership to continue to hold some
or all Investments until at least the two year or five year
anniversary of the relevant LP Termination Event provided that such
date may be extended by the General Partner by up to two terms of
one year each with the prior consent of all of the Cornerstone
Investors. Investors should ensure that they have read and
understand the Private Offering Memorandum and the operation of the
Partnership following an LP Termination Event.
Limited Partners will not be allowed to voluntarily withdraw
their Interests. Accordingly, the only manner in which Limited
Partners may be able to realise a return on their investments in
the Partnership, or even receive a return of capital, is to
transfer their Interests. Interests, however, will be subject to
restrictions on transfer and there can be no assurance that a
market for the purchase or sale of the Interests will develop.
No Assurance of Investment Return. There can be no
assurance that the Partnership will be able to generate returns for
the Limited Partners. Even if the Investments prove successful,
returns realised by the Partnership are expected to be reinvested
in Investments and accordingly the Partnership will likely not
produce a realised return to a Limited Partner unless such Limited
Partner transfers its Interests in connection with a Liquidity Pool
or otherwise. There can be no assurance, however, that a market for
the purchase or sale of Interests will develop. Accordingly,
Limited Partners may not be able to generate returns in connection
with their investments in the Partnership. Additionally, even if
such returns are generated, there can be no assurance that the
returns will be commensurate with the risks of investing in the
type of companies and transactions targeted by the Partnership.
Difficulty of Locating Suitable Investment. There can be
no assurance that there will be a sufficient number of suitable
investment opportunities to enable the Partnership to invest all of
its committed capital in opportunities that satisfy the
Partnership’s investment objectives or that such investment
opportunities will lead to completed investments by the
Partnership. The availability of investment opportunities generally
will be subject to market conditions as well as, in some cases, the
prevailing regulatory or political climate.
Please refer to the Private Offering Memorandum XI.
INVESTMENT CONSIDERATIONS AND CERTAIN RISK FACTORS for a complete
list of fund specific risk details.
This material is provided for informational purposes only and
does not constitute an offer to sell nor a solicitation to invest
in any jurisdiction in which such solicitation is unlawful or to
any person to whom it is unlawful.
Moreover, it neither constitutes an offer to enter into an
investment agreement with the recipient of this document nor an
invitation to respond to it by making an offer to enter into an
investment agreement. No recipient is permitted to use this
information in any way that would violate U.S. securities laws,
rules or regulations.
Any reference herein to any security and/or a particular issuer
shall not constitute a recommendation to buy or sell, offer to buy,
offer to sell, or a solicitation of an offer to buy or sell any
such securities issued by such issuer. Historical performance
information depicted herein is not indicative of future performance
or investment returns, and actual events or conditions may not be
consistent with, and may differ materially from, those
depicted.
This material contains “forward-looking” information that is not
purely historical in nature. Such information may include, among
other things, projections, forecasts, and proposed or expected
portfolio composition. No representation is made that the
projections or forecasts presented will be achieved, or that every
assumption made in calculating or presenting either the
forward-looking information or the historical information herein
has been considered or stated in preparing this material. Any
changes to assumptions that may have been made in preparing this
material could have a material impact on the results presented
herein by way of example.
This material is not intended to be relied upon as a forecast,
research or investment advice, and is not a recommendation, offer
or solicitation to buy or sell any securities or to adopt any
investment strategy. The opinions expressed are as of the date of
this presentation and may change as subsequent conditions vary. The
information and opinions contained in this material are derived
from proprietary and nonproprietary sources deemed by BlackRock to
be reliable, are not necessarily all-inclusive and are not
guaranteed as to accuracy. Reliance upon information in this
material is at the sole discretion of the reader.
This document contains general information only and is not
intended to represent general or specific investment advice. The
information does not take into account your financial
circumstances. An assessment should be made as to whether the
information is appropriate for you having regard to your
objectives, financial situation and needs.
Any research in this document has been procured and may have
been acted on by BlackRock for its own purpose. The results of such
research are being made available only incidentally. The views
expressed do not constitute investment or any other advice and are
subject to change. They do not necessarily reflect the views of any
company in the BlackRock Group or any part thereof and no
assurances are made as to their accuracy.
This document is for information purposes only and does not
constitute an offer or invitation to anyone to invest in any
BlackRock funds and has not been prepared in connection with any
such offer.
Issued in the United States by BlackRock Investments, LLC, a
member of FINRA.
© 2020 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK
SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY
MONEY are registered and unregistered trademarks of BlackRock, Inc.
or its subsidiaries in the United States and elsewhere. All other
trademarks are those of their respective owners.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200226005820/en/
Media BlackRock Tara McDonnell +1 (212) 810-5337
tara.mcdonnell@blackrock.com
Timi Oni +44 (207) 743 1592 timi.oni@blackrock.com
BlackRock (NYSE:BLK)
Historical Stock Chart
From Mar 2024 to Apr 2024
BlackRock (NYSE:BLK)
Historical Stock Chart
From Apr 2023 to Apr 2024