Partners Group Bags Brussels Approval for Aroma-Zone as Earnings Slide and Insider Buying Accelerates
Published on 09/26/2026 at 12:30 | Editorial boerse-global.de
Partners Group has cleared the final regulatory hurdle for its latest consumer-sector bet. On Thursday, the European Commission gave the Swiss asset manager the green light to take a majority stake in Aroma-Zone, the French natural cosmetics brand, with seller Eurazeo retaining a minority holding. The Financial Times puts the enterprise value of the deal at roughly EUR 2 billion. Partners Group had already confirmed exclusive talks over the acquisition in early August.
The approval lands against a far less comfortable backdrop for the Zug-based firm. First-half 2026 revenues slipped 7% year on year to CHF 1.12 billion, while EBITDA came in at CHF 706 million. Net profit fell 13% to CHF 502 million, dragged down chiefly by a 39% plunge in performance fees to CHF 216 million as lucrative portfolio exits became harder to pull off across the industry. Management fees, by contrast, edged higher.
Fundraising Record Offers a Bright Spot
Not every line in the interim report pointed downward. New business inflows reached USD 16 billion in the first six months — a fresh record for the group. Even so, the executive team trimmed its full-year guidance, now guiding toward performance-related income equal to 20% to 25% of total revenue. The fundraising target for the year was left untouched.
Should investors sell immediately? Or is it worth buying Partners Group?
Direct investments have continued apace despite the muted exit climate. In early September, Partners Group plowed roughly USD 260 million back into atNorth, the data-center operator, securing about a 10% stake. That move followed the sale of the same business to an investor consortium at an enterprise value of USD 4 billion — a template the firm appears keen to repeat as it channels capital into growth platforms.
A Handover at the Top, and Buying from Within
Roughly three weeks ago, Partners Group set in motion a carefully choreographed succession at the helm. CEO David Layton will step down at year-end and move into the roles of Chief Investment Officer and chairman of the Global Investment Committee. From January 2027, Roberto Cagnati and Juri Jenkner — both with the firm since 2004 — will take over as co-CEOs, subject to approval from regulator FINMA. In a separate personnel move, FINMA appointed CFO Joris Gröflin to the takeover commission effective 2027.
Insiders, meanwhile, have been putting their own money to work. On September 15, an executive board member picked up shares worth CHF 8.5 million. That followed purchases on September 4 by a non-executive board member. Such transactions are widely read as a signal of internal confidence in the road ahead.
Market Skepticism Leaves Its Mark
The shares have nonetheless borne the brunt of sector-wide caution. After touching a 52-week low of EUR 623.00 on Thursday, the stock closed Friday at EUR 639.20, up 1.3% on the day. Year to date, the decline still stands at 40%.
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Partners Group Stock: New Analysis - 26 September
Fresh Partners Group information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
