GCF - Our added Value in Cosmetics & Fragrances sector 0625.pdf
1. OUR ADDED VALUE & M&A TRENDS
IN THE COSMETICS & FRAGRANCES SECTOR
BUY SIDE – FUNDRAISING – SELL SIDE
MAY 2025
2. 2
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENT
I. The dynamic M&A activity in the Cosmetics & Fragrances sector 03
IV. About GEREJE Corporate Finance 26
II. M&A trends valuation & recent transactions 07
III. Our expertise, added-value & methodology
in the Cosmetics & Fragrances sector 15
4. 4
P R I V A T E & C O N F I D E N T I A L
DERMOCOSMETICS & CLEAN BEAUTY: KEY TARGET
Sources : FEBEA, Statista, L'Oréal, Xerfi, GCF analysis
France remains the world leader in cosmetics (>15% market share, +7% exports in 2024), with
growth driven by demand for dermocosmetics & clean beauty
The growing dermocosmetics market
▪ France market in 2024: 3.4bn€, +9% in pharmacies (75% of Sales value)
▪ Research acceleration : L’Oréal invests 20M€ (2024-2029) in dermatology research
Increasing demand for clean beauty with
awareness of skin health risks
▪ 74% of millennials use natural beauty products vs 61% for baby-boomers (Europe)
▪ European law ban 170x more chemical ingredients in cosmetics than US law
Key drivers
5. 5
P R I V A T E & C O N F I D E N T I A L Sources : Cosmetic Valley, FEBEA, L'Oréal, McKinsey, Statista, GCF analysis
The sector's distribution strategy is refocusing on e-commerce (1/4 of global beauty sales by 2026),
selective distributions, and pharmacies
Expansion of online distribution channel
▪ 43% of the French Indie Brands* are 100% online
▪ Launch of Tik Tok Shop in France 2025 (+25M French users, including 50% Indie Brands)
Refocusing toward pharmacies & selective distribution
▪ Sales in pharmacies (+10%), selective distribution (+4%) vs in supermarkets (-4%) in 2024
▪ Growing makeup sales in pharmacies (+22,7% in 2024) as a new buying experience
REFOCUSING THE DISTRIBUTION STRATEGY
Key drivers
*Indie brands = Independent new brands
6. 6
P R I V A T E & C O N F I D E N T I A L Sources: FEBEA, Fashion Network, GCF analysis
Acquisitions in the niche fragrance market
▪ L'Oréal-Amouage, to expand in the Middle East and the ultra-premium market
▪ Interparfums-Goutal, to enter the niche market and strengthen its French identity
Fragrance exports drive the overall growth of beauty exports (accounting for 70% in 2024,
reaching 8bn€), with strong demand for experiential fragrance (niche and personalized)
Key drivers
AI investments for personalized creation & analysis
▪ Robertet-Artefact launch NaturIA, a tool for personalised fragrance creation
▪ New Prada Virtual Flower version: AI used to craft an exclusive perfume
STRONG DEMAND FOR EXPERIENTIAL FRAGRANCE
8. 8
P R I V A T E & C O N F I D E N T I A L
Strategic brand acquisitions to strengthen positions
in high-growth segments
▪ L'Oréal recent acquisitions: Dr G (Korean beauty) and Galderma (Swiss dermo
cosmetic) to reinforce its position in the skin health segment
▪ Acquisition of Goutal by Interparfums to accelerate its niche fragrance market
The market, driven by leaders and various fragmented actors, offers strong investment opportunities
Build-up opportunities in a fragmented market
+7 500 actors
▪ 80% of actors are independent SMEs, especially fragmented subcontractors
▪ 2 Indie brands created per week requiring financings (60% <5m€ Sales) to
scale up
STRONG INVESTMENT OPPORTUNITIES
+50 brands
Sources : Cosmetic Valley, FEBEA, L'Oréal, GCF analysis
9. 9
P R I V A T E & C O N F I D E N T I A L Sources : Patyka, Les Echos, GCF analysis
From 1M€ to 30M€: How M&A can unlock the potential of a sleeping beauty in cosmetics ?
PATYKA: A STRATEGIC ACQUISITION CASE STUDY
Official creation
One of the first Bio cosmetic brand
renowned for its Absolute Oil (1920)
Leadership position
Sales 30M€, EBITDA Margin 15%
2002
2023
A strategic acquisition
➢ In 2013, Finoli group bought PATYKA (1M€ Sales)
famous in 1920 in Paris for its Absolute Oil
➢ Since the acquisition: growing rate +40% driven by
international, product, distribution & R&D (6% of Sales vs
3% industry average) expansion
➢ In 2023, Sales 30M€ (x30) and 100M€ objective in 2029
2013 PATYKA acquisition
Sales 1M€
International acceleration
European subsidies + JV
2021
Repositioning
Luxury biologic & scientist brand
Sales objective 100M€ 2029
Product expansion
anti-ageing care, sensitive
skin
2014
2016
10. 10
P R I V A T E & C O N F I D E N T I A L
EV/EBITDA
2024
Company
Market
Capitalization
EUR 179,449m
(-2%)
USD 38,151m
(-45%)
JPY 1,112 991m*
(-34%)
EUR 27,803m
(-9%)
KRW 6,461bn*
(-27%)
USD 8,650m
(-17%)
Enterprise Value
EUR 179,120m
(-4%)
USD 42,527m
(-47%)
JPY 1,377,672m
(-27%)
EUR 23,237m
(-11%)
KRW 6,461bn
(-24%)
USD 12,263
(-15%)
EBITDA
EUR 10,887m
(+3%)
USD 2,413m
(-6%)
JPY 83,241m
(-9%)
EUR 1,727m
(+1%)
KRW 477,9bn
(+32%)
USD 1,091
(+12%)
Source : Zonebourse, Capital IQ Click on the logo to access the website
MARKET PEERS MULTIPLES – BRANDS GROUP
Average 2024 = 15.1x (vs. 21,3x in 2023)
Median 2024 = 15.1x (vs. 22,1x in 2023)
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17,8x 17,6x 16,6x
13,5x 13,5x
11,2x
Data 2024 *Eq. 1 EUR = 162 JPY = 1 611 KRW
11. 11
P R I V A T E & C O N F I D E N T I A L
EV/EBITDA
2024
Company
Market
Capitalization
CHF 36,595m
(+13%)
USD 21,618m
(+5%)
EUR 14,348m
(+3%)
EUR 1,591m
(-7%)
Enterprise Value
CHF 40,597m
(+12%)
USD 30,152m
(+0,5%)
EUR 14,348m
(-11%)
EUR 1,695m
(-11%)
EBITDA
CHF 1,765m
(+20%)
USD 2,205m
(+12%)
EUR 1,033m
(+14%)
EUR 153m
(+15%)
Source : Zonebourse, Capital IQ Click on the logo to access the website
Data 2024
Average 2024 = 15,4x (vs. 18x in 2022)
Median 2024 = 13,8x (vs. 16,5x in 2022)
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23,0x
13,7x 13,9x
11,0x
MARKET PEERS MULTIPLES – MANUFACTURERS
12. 12
P R I V A T E & C O N F I D E N T I A L
M&A TRENDS – VALUATION METRICS
Company Size
▪ The largest the company, the higher the multiple with key thresholds
(10M revenue; 50M revenue; 100M revenue…)
Profitability
▪ EBITDA margin compared to peers may be the most important
comparison criteria when the companies’ sizes are similar
Market position
▪ A leading position within a local market improves a valuation multiple,
on the other hand, a mid-tier position will drive a lower valuation
Within the same sector, valuation multiples vary according to the size, profitability, and market positioning of
the company
13. 13
P R I V A T E & C O N F I D E N T I A L
Year Investors Target Information Target Target Revenue
Learn
More
Mar.
2025
Mibelle Group (CH): Cosmetic and cleaning
brand
CHF 670M Here
Sep.
2024
Stenders (LV): Premium bath & body care
products
n.a Here
Oct.
2024
Dr G (KR): Korean beauty brand n.a Here
Aug.
2024
Galderma (SW): Independent leader in
dermatology
1Bn€ Here
May.
2024
Act Beauty (FR): Facial care & accessories
Lavay (FR): Facial care & accessories
<1M€ Here
Apr.
2024
Kiko Milano (IT): Beauty Italian brand 800M€ Here
Mar.
2024
BeautyNova (IT): Haircare products 135M€ Here
Jan.
2024
Dr Dennis Gross (US): Brand fusing science
and nature for skin care
100M€ Here
Jan.
2024
Barbara Sturm (DE): Molecular cosmetic n.a Here
Source : Loréal, Fusacq, GCF Research Click on the logo to access the website
RECENT TRANSACTIONS - COSMETICS
14. 14
P R I V A T E & C O N F I D E N T I A L
Year Investors Target Information Target Target Revenue
Learn
More
Mar.
2025
Goutal (FR): Niche fragrance brand >10M€ Here
Feb.
2025
Amouage (OM): Luxury fragrance brand 260M€ Here
Feb.
2025
Borntostandout (KR) : Korean niche perfume n.a Here
Jul.
2024
Bio Odysud/ Acorelle (FR): Bio perfume &
cosmetic brand
3.5M€ Here
Jun.
2024
Matière Première (FR): French sustainable
perfume
30M€ Here
Source : Loréal, Fusacq, GCF Research Click on the logo to access the website
RECENT TRANSACTIONS - FRAGRANCES
16. 16
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [1/2]
-> We have a solid track record in the Cosmetics & Fragrances industry.
-> We have a direct access to > 450 companies in this specific sector in Europe, Asia, and
internationally
1. OUR EXPERTISE & EXPERIENCE IN THE SECTOR
-> Multi-cultural team in France + Europe + Asia
-> Partner of 'Business France' (110 countries)
2. CROSS BORDER TRANSACTIONS
-> Consultant entrepreneurs = understanding of operational and strategic issues.
-> Long-term partner for your projects = creativity, responsiveness and adaptability
3. STRONG ‘ENTREPRENEURIAL’ CULTURE CLOSE TO MANAGERS
-> Privileged access to >400 investors (Cap development funds, VC, debt funds, Family
Offices) with a specific interest in this industry
4. OUR PRIVILEGED ACCESS TO STRATEGIC & FINANCIAL PLAYERS
17. 17
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [2/2]
-> CRM owner, investment platform, dealflow & M&A trends online (Link)
5. DIGITAL M&A
-> +100 transactions between €5m and €200m (Ranking Fusacq / Leaders League)
6. TRACK-RECORD
-> Acquisitions (Earn-Out, MBO, OBO, JV, etc.)
-> Financing: strengthening equity capital (investment funds and/or our ‘CLUBS DEALS’)
& optimising debt leverage (banks & bond debt funds)
7. OUR EXPERTISE IN COMPLEX STRUCTURING
-> 100% of the company is owned by the Partners
-> Confidentiality & discretion
8. INDEPENDENT & AGILE ORGANISATION
18. 18
P R I V A T E & C O N F I D E N T I A L
GROUPE GM | LinkedIn
EOLYS beauté - Distributeur
de pépites beauté
Click on the logo to access the website
HOME -
PERFUMIST
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automatiquement
Travailler chez
LABORATOIRES
JÉRODIA |
Glassdoor
LOGO_BERDOUES | Achat-Parfums
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Being active in the M&A industry since 2007, we have a direct access to +300 brands, +150 manufacturers and
distributors in Europe, Asia and Worldwide - listed in our proprietary data base
Fragrance brands
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Manufacturers & Distributors
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générée
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Cosmetic brands
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● ● ●
● ● ●
OUR DIRECT ACCESS TO STRATEGIC PLAYERS
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Beschreibung
20. 20
P R I V A T E & C O N F I D E N T I A L
Fabrice LOMBARDO
Founder of GEREJE Corporate
Finance in 2008
Entrepreneur – Investor – Speaker
30 YEARS OF STRATEGIC & FINANCIAL EXPERIENCE
DRIVING SMID & LARGE-CAP COMPANIES GROWTH
➢ Strategic and Operational Commitments:
• President – SILVER, SAS variable capital 8M€: financing the build-up strategy and
digital transformation of the "Netflix" of regulatory & certification B2B training
• President – HALCYON, SAS variable capital 10M€: financing the growth of the
recurring revenue model "WaaS" (Water-as-a-Service) and the build-up strategy of a
leader in PREMIUM PURE WATER
➢ Honorary Consul of Thailand in AURA (Exequatur signed by the French President)
➢ BBA at Oxford Brookes, Grenoble Business School – Executive MBA ESSEC
➢ Speaker & Lecturer at ESSEC, EGE, EDC Paris
+150 M&A TRANSACTIONS (including 30 pre-GEREJE founding)
➢ Fundraising (Equity / Debt)
➢ External growth strategy through build-ups &
Joint-Ventures
➢ Total or partial transfer
➢ Structuring & Valuation
➢ International experience in Europe, Asia, the Middle
East and Africa
➢ Expert in 8 key sectors: Luxury & Lifestyle,
Aerospace & Defence, Education & EdTech, Medical
& Healthcare, Transport & Logistics, Telecoms,
Sustainable Technologies, Software & Financial
Services
21. 21
P R I V A T E & C O N F I D E N T I A L
EXPERIENCE & EXPERTIS
EXPERTISE IN THE COSMETICS &
FRAGRANCES SECTOR
EXPERIENCE & EXPERTISE
➢ Expertise in Asia, specialized in Luxury, Cosmetics & Fragrances
➢ + 35 years of experience in the cosmetics industry
➢ Founder & President of TALIKA APAC (1999-2017)
➢ International Business diploma, EDC & INSEAD YMP
➢ + 25 years of development in Asia-Pacific with
TALIKA
➢ Support in the creation of SMEs (Asia, US)
➢ Business Development
➢ Fundraising
➢ Marketing & Retail Strategy
➢ Product Development
➢ Specific expertise in Luxury
▪ Ex International Director Asia Pacific, Middle
East, Africa at Parfums CHRISTIAN DIOR
▪ Ex Director & COO at TALIKA Asia Pacific
Francois LAURENT
Senior Advisor at GEREJE
Corporate Finance
22. 22
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [1/2]
DEFINE a clear & ambitious strategy
-> To be attractive
1
2
BE PROACTIVE to create value
-> Approach actionable targets having a strategic ‘Fit"
3
TIME is the “essence”.
-> Set up a well-defined process and calendar
4
EDUCATE THE TARGET
-> Explain each stage, taking account of cultural differences
1
2
3
4
23. 23
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [2/2]
“OUT OF THE BOX” STRUCTURINGS
-> Align parties' interests which are by essence different
5
THINK about the “forward” value creation
-> Evaluate the value creation rather than costs (common BP)
6
ANTICIPATE tax and legal issues
-> Manage and monitor exchanges between lawyers and auditors
7
MOTIVATE the Managers/Shareholders who will remain on board
-> Identify the key Managers/Shareholders
8
24. 24
P R I V A T E & C O N F I D E N T I A L
OPTIMISING AN ACQUISITION PROCESS
Option: Preparation of a "Long-List" of
potential targets according to M&A
criteria (sales, EBITDA, etc.)
Initiate contact between GEREJE and the
target(s) (without giving the name of the
client) to validate their actionability
Coordinate all advice and audits
(financial, legal, etc.)
Strategic and tactical support in the
final negotiations.
Assist in the drafting & proof-reading of
final contracts
Management of client’s questions &
requests (Q&A)
Advise on the optimal structuring
(equity / debt / mix) in the interest of
the shareholders
Preparation of a strategic and financial
note for the client
Drafting, negotiation, and signing of a
Letter of Intent (LOI)
Signing of a Reciprocal Confidentiality
Agreement (RCA)
Meeting between the target and the client
to confirm the strategic fit and the mutual
willingness to enter negotiations
Phase 1 – SELECTION &
APPROACH & RCA
Phase 2 – NEGOTIATIONS &
LOI
Phase 3 – COORDINATION &
TIMING & CLOSING
Advice right up to the signing of the
final contracts.
Optimize the coordination and thus
timing between all parties
Set-up of an electronic dataroom
25. 25
P R I V A T E & C O N F I D E N T I A L
OUR TAILOR-MADE FUNDRAISING & SELL-SIDE PROCESS
Phase 1 – PREPARATION
Financial analysis (past results and
business plan)
Optimize the structuring
(equity/debt/mix)
Blind Teaser online on our web
platform
In order to optimize the process, it is essential to prepare the project meticulously, explain the use of
the funds and demonstrate the positive impact on turnover and margins
Phase 2 – SELECTION &
APPROACH & LOI
Identification and approach of
candidates (”long list”)
Checking of candidates’ seriousness, e-
NDA signing, transmission of
documents
Management and optimization of
negotiations with a ”short list” of
qualified candidates
Phase 3 – COORDINATION &
TIMING & CLOSING
Optimize the discussions between all
involved parties, in particular, legal &
audit advisors of both parties
Supervision of financial audits (option)
Optimize on strategies and tactics for
final negotiations
Prepare a Strategic & Financial Note
Negotiation and signature of the Letter
of Intent (LOI), including all the key
terms of the deal
Transition to phase 2 after mutual consent
Set-up of a calendar & deadlines
Advise on the different structuring
schemes (earn out) and final review of
the documents in a M&A point of view
Prepare the executive managers for the
negotiations with the investors in Phase 2
Set-up of an electronic dataroom
27. 27
P R I V A T E & C O N F I D E N T I A L
In the 13th century, the Emperor Kublai Khan awarded
Marco Polo a gold tablet in the form of a long piece of
currency named « GEREGE » along with a password,
which ensured numerous privileges to the beholder.
With this golden passport, Marco Polo obtained all
necessary protections, supplies and assistance which
included horses, food and equipment for his safe return to
Venice accompanied by his immense fortune.
The GEREJE, first diplomatic passport,
ensuring safe and secure cross border
transactions, is a powerful symbol
matching perfectly our mission and goals
GEREJE team members share a common
passion in dealing with cross border
transactions and are united around the
GEREJE symbol reflecting our mind set as
well as our working philosophy.
THE "GEREJE" PHILOSOPHY
28. 28
P R I V A T E & C O N F I D E N T I A L
We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and financial advisory services,
composed of a multidisciplinary team based between Europe & Asia.
Our Corporate Film
Play
with
solid
ASIA
▪ Singapore
▪ Bangkok
▪ Hong-Kong
▪ Ho Chi Minh
EUROPE
MIDDLE
EAST
ASIA
EUROPE
FRANCE
▪ Paris
▪ Lyon
▪ Nantes
DACH
▪ Geneva
▪ Zurich
▪ Vienna
PORTUGAL
▪ Lisbon
OUR WORLWIDE REACH
29. Fabrice LOMBARDO
Founder & CEO
Icône
LinkedIn
Antoine ALEMANY
Partner, Lisbon
Icône
LinkedIn
Icône
LinkedIn
Laurent GOBINET
Partner, Nantes
Clarisse SUN
M&A Vice President, Paris
Hugo NAOUR
M&A Associate, Paris
29
P R I V A T E & C O N F I D E N T I A L
Diane PIOUX
M&A Analyst, Paris
Patrice DUSSOL
Head of Investor Relations,
Geneva
EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS
Jean-Yves BILLON
Partner, Lyon
30. François LAURENT
Senior Advisor, Paris / HK
Icône
LinkedIn
Arnaud BEASSE
Senior Advisor, Vienna
Maurice LAM
Executive Director, Singapore
30
P R I V A T E & C O N F I D E N T I A L
SECTOR & GEOGRAPHIC EXPERTS
31. 31
P R I V A T E & C O N F I D E N T I A L
OUR SYNERGETIC SERVICES OFFERING
Strategic & Financial Advisory
• Identifying the growth axis (organic, external, digital & ESG) and how to
optimise the financing
• Obtaining Grants/Subsidies/Debt financing
• Opening new markets through sales contracts (distribution, franchises, …)
Fundraising - Club Deal Growth
Capital 5 M€ - 30 M€
• Privileged access to Private Equity Funds, Venture Capital
Funds, and Private Debt Funds, as well as family & multi-
family offices
• Club Deal: access to >250 potential private investors
participating in financing opportunities & bringing
expertise to the project
M&A: Buy-side & Sell-side
Build-Up: 10 M€ - 250 M€
• Buy mandate / Acquisition / Joint - Ventures: Optimising
cross-border expansion strategies
• Partial or Total Sell mandate: Managing and optimising
to maximise the transaction price
The quality of our services relies on our 100% in-house team, which enables us to manage the entire transaction
process, thereby ensuring efficiency, confidentiality, and tangible results.
32. 32
P R I V A T E & C O N F I D E N T I A L
OUR PROVEN METHODOLOGY
GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on personalized
execution, enhanced by a multidisciplinary team acting under one hat.
Execution
Excellence
Dedicated Team
Proprietary research
Aligned interest
Tailor-made
End-to-end Transactions
Top-notch Reporting
Digital tools
33. 33
P R I V A T E & C O N F I D E N T I A L
OUR RECENT TRACK RECORD
2024
Cross-border
Acquisition
2021
Acquisitions
2022
Financing
Debt/Equity
2024
Financing
Debt/Equity
Cross-border
Acquisition
2022
Cross-border
Acquisition
2023
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Police, conception
With +100 transactions, GEREJE supports executives in optimising their growth strategy
(external, digital, organic) in France and internationally: Track record
34. 34
P R I V A T E & C O N F I D E N T I A L
OUR REFERENCES– SMID & LARGE CAP
Click on the logos to access the website.
ALTANA
Vinci – Logos Download
Air Paris
Repeat Cashmere | Questa
Cobham
MEDIAS - Chateau
d'Esclans
Sturia, leader du
Caviar d'Aquitaine,
toutes les étapes de la
fabrication - Assiettes
Gourmandes
Achat direct de vins malbec
Cahors – Boutique officielle du
Château Lagrézette
Nos implantations - Le
réseau mondial du
Groupe BBL
Weeloy
Jakarta -
Home |
Facebook
Une nouvelle identité de
marque reflet de notre
ambition - LACROIX
Nos partenaires – Fondation
du rein
Katrina Group Latest News (SGX:1A0)
| SG investors.io
Gestal
35. 35
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF PARTNERS
French national agency (110 countries):
- foreign investment in France
- international development of French
companies
Business France —
Wikipédia
Community of over 13,000
chairmen, directors and members
of the COMEX of SMEs/SMIs & ETIs
Cluster of + 240 VSEs, SMEs and
mid-cap industrial companies
(Pays de la Loire region)
Home page - Entreprise
DU FUTUR
360° financing offer by
entrepreneurs, for entrepreneurs:
equity, debt, M&A & CFO advice
Strategy consulting and
international development in high-
growth markets (Latin America,
Africa, Middle East, India &
Southeast Asia)
OMVEST - OPENASIA Group:
Strategic and investment advice
in Vietnam
for over 30 years
MFO ASIA, multi-family office
pour HNWI en Thaïlande
Committed partner of the Association Enfant Bleu Lyon – Enfance Maltraitée: Link
36. 36
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF CONSULTANCY FIRMS
Committed partner of the Association Enfant Bleu Lyon – Enfance Maltraitée: Link
Accounting, consultancy and
auditing group
International law firm
Business law firm, based
in Nantes and Paris
Multidisciplinary business
law firm in Paris and Lyon
Advice for companies (HR,
admin, legal & finance)
37. 37
P R I V A T E & C O N F I D E N T I A L
Thank you for the excellent work
done by the GEREJE team.
Mr. Kaci KÉBAÏLI
Founder & Chairman
TESTIMONIES
Many thanks to GEREJE for their
expertise and support throughout
this project.
M. Willian AREZKI
Private Equity
Associate
Our sincere thanks go to the GEREJE
team for their commitment and
unfailing support in this valuable
collaboration.
Mr. Alban GUYOT
Fondateur & CEO
Many thanks to the GEREJE
Corporate Finance team for their
support!
Mr. Alexandre
HEUZE
CEO AMMG Group
Click on the logos to access the website.
38. 38
P R I V A T E & C O N F I D E N T I A L
Articles
Surveys
France Info - Interview Emmanuel Guichard délégue général de la FEBEA 2025
Fashion Network – Le succès des parfums de niche
Loréal - Programme 20 millions Act for Dermatology Program 2025-2029
Gouvernement Français - Loi Agec plus de plastique jetable pour 2040
Natixis – La montée du bio et naturel dans la cosmétique et parfums
Fashion Network – Le FEBEA dresse le profil des Indie Brands
FEBEA – Annual Reports 2025
Xerfi – Cosmetic Report 2024
L'Oréal - Rapports Financiers 2024
Cosmetic Valley – Etude sur l'exportation cosmétique en France
McKinsey– State of Fashion Beauty Report
BIBLIOGRAPHY
![16
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [1/2]
-> We have a solid track record in the Cosmetics & Fragrances industry.
-> We have a direct access to > 450 companies in this specific sector in Europe, Asia, and
internationally
1. OUR EXPERTISE & EXPERIENCE IN THE SECTOR
-> Multi-cultural team in France + Europe + Asia
-> Partner of 'Business France' (110 countries)
2. CROSS BORDER TRANSACTIONS
-> Consultant entrepreneurs = understanding of operational and strategic issues.
-> Long-term partner for your projects = creativity, responsiveness and adaptability
3. STRONG ‘ENTREPRENEURIAL’ CULTURE CLOSE TO MANAGERS
-> Privileged access to >400 investors (Cap development funds, VC, debt funds, Family
Offices) with a specific interest in this industry
4. OUR PRIVILEGED ACCESS TO STRATEGIC & FINANCIAL PLAYERS](https://image.slidesharecdn.com/gcf-ouraddedvalueincosmeticsfragrancessector0625-250624162009-11d2d5be/85/GCF-Our-added-Value-in-Cosmetics-Fragrances-sector-0625-pdf-16-320.jpg)
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P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [2/2]
-> CRM owner, investment platform, dealflow & M&A trends online (Link)
5. DIGITAL M&A
-> +100 transactions between €5m and €200m (Ranking Fusacq / Leaders League)
6. TRACK-RECORD
-> Acquisitions (Earn-Out, MBO, OBO, JV, etc.)
-> Financing: strengthening equity capital (investment funds and/or our ‘CLUBS DEALS’)
& optimising debt leverage (banks & bond debt funds)
7. OUR EXPERTISE IN COMPLEX STRUCTURING
-> 100% of the company is owned by the Partners
-> Confidentiality & discretion
8. INDEPENDENT & AGILE ORGANISATION](https://image.slidesharecdn.com/gcf-ouraddedvalueincosmeticsfragrancessector0625-250624162009-11d2d5be/85/GCF-Our-added-Value-in-Cosmetics-Fragrances-sector-0625-pdf-17-320.jpg)
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P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [1/2]
DEFINE a clear & ambitious strategy
-> To be attractive
1
2
BE PROACTIVE to create value
-> Approach actionable targets having a strategic ‘Fit"
3
TIME is the “essence”.
-> Set up a well-defined process and calendar
4
EDUCATE THE TARGET
-> Explain each stage, taking account of cultural differences
1
2
3
4](https://image.slidesharecdn.com/gcf-ouraddedvalueincosmeticsfragrancessector0625-250624162009-11d2d5be/85/GCF-Our-added-Value-in-Cosmetics-Fragrances-sector-0625-pdf-22-320.jpg)
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P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [2/2]
“OUT OF THE BOX” STRUCTURINGS
-> Align parties' interests which are by essence different
5
THINK about the “forward” value creation
-> Evaluate the value creation rather than costs (common BP)
6
ANTICIPATE tax and legal issues
-> Manage and monitor exchanges between lawyers and auditors
7
MOTIVATE the Managers/Shareholders who will remain on board
-> Identify the key Managers/Shareholders
8](https://image.slidesharecdn.com/gcf-ouraddedvalueincosmeticsfragrancessector0625-250624162009-11d2d5be/85/GCF-Our-added-Value-in-Cosmetics-Fragrances-sector-0625-pdf-23-320.jpg)
