Partners Group Clinches EU Nod for Aroma-Zone While Deal Machine Rolls On
Published on 09/27/2026 at 14:02 | Editorial boerse-global.de
Brussels has cleared the last major regulatory obstacle standing between Partners Group and control of one of France's best-known natural cosmetics brands. On Thursday, the European Commission gave the Swiss asset manager the green light to acquire a majority stake in Aroma-Zone, concluding that the transaction raises no competition concerns. In its reasoning, the Commission pointed to the differing business areas of the parties involved and to the role played by Eurazeo, the investment firm that has until now been Aroma-Zone's controlling shareholder.
The approval caps a process that began in early August, when Partners Group entered exclusive talks with Eurazeo over the controlling stake. Neither side has disclosed the purchase price, though the Financial Times has put Aroma-Zone's enterprise value at roughly EUR 2 billion. With Brussels now on board, the deal has cleared a decisive formal hurdle.
A Busy Fortnight Across Three Markets
The cosmetics transaction is only one strand of a notably active stretch for the Zug-based group. On 15 September, Partners Group stepped in as the largest external shareholder of SEG, an international sports talent agency, with the injected capital earmarked for long-term expansion and diversification of the platform. Founder Kees Vos and existing shareholders are staying invested in the business. The move opens up additional opportunities for Partners Group in the global sports and entertainment sector, where it aims to help scale established representation structures internationally — a deliberate complement to its activities beyond traditional industries.
The same day brought a second deal: Partners Group arranged a financing package worth more than EUR 300 million on behalf of its clients for MDT technologies, supporting Bregal Unternehmerkapital's acquisition of a majority stake in the company from IK Partners.
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Geographic expansion has proceeded in parallel. Roughly two weeks ago, the firm opened an office in Stockholm headed by credit specialist Carina Spitzkopf, extending its reach across the Nordic region.
Private Credit Portfolio Under Review
Media reports, including from Bloomberg, indicate that Partners Group is weighing the transfer of around EUR 800 million in loans from five of its own funds into a continuation vehicle. The loans stem from several older investment vehicles, and the transaction has not yet been reported as completed. Bloomberg also reports that KKR has overtaken Partners Group as Europe's largest manager of evergreen private markets funds — a reminder that the firm faces intensifying competition for market share even as it reshapes its portfolio.
First-Half Figures Weigh on Sentiment
All of this dealmaking is unfolding against a subdued first half of 2026. Sluggish transaction activity across the broader market held back business, with total revenues falling 7 percent to CHF 1.12 billion in the six-month period. The sharpest drag came from performance fees, which tumbled 39 percent. Management responded by trimming its full-year guidance for the share of such fees in total revenue to 20 to 25 percent.
Operating earnings before interest, taxes and depreciation slipped 9 percent to CHF 706 million, while net profit declined 13 percent to CHF 502 million.
Investors have kept their distance amid the slower momentum. On Thursday, the stock touched a fresh 52-week low of EUR 623.00. Friday brought modest relief, with the shares closing 1.3 percent higher at EUR 639.20. Since the start of the year, the stock is down 40 percent.
Attention now turns to the fourth quarter of 2026: according to media reports, the quarterly figures are scheduled for release on 16 March 2027, a date market watchers are likely to track closely for firmer signals on the direction of the business.
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Partners Group Stock: New Analysis - 27 September
Fresh Partners Group information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
