Partners Group's Twin-Track Deal Spree: A £1bn Power Play and a €2bn Beauty Bet
Published on 08/14/2026 at 17:54 | Redaktion boerse-global.de
The Swiss investment manager is making up for lost time. Within the space of a few weeks, Partners Group has set in motion two sizeable acquisitions that span the industrial and consumer worlds — a majority stake in a British power-solutions provider and exclusive talks to buy a fast-growing French cosmetics label.
The larger of the two moves, confirmed on Thursday, sees Partners Group take control of AVK Power Solutions, a UK-based specialist in power supply for data centres. The equity cheque exceeds $1 billion, and the firm intends to build out a European infrastructure platform centred on "energy-as-a-service" offerings — a model that shifts away from selling hardware outright and towards providing flexible power provision to businesses and municipalities on a service basis.
Reports of early-stage discussions with AVK first surfaced in early August; the signed agreement now gives the deal substance. The rationale rests on Europe's accelerating electricity demand, propelled by electrification and the build-out of renewable capacity. Data centres and AI infrastructure — a segment increasingly courted by institutional investors — sit squarely in the crosshairs.
A French Beauty Brand in the Sights
Running in parallel, Partners Group has entered exclusive negotiations with Eurazeo over a majority position in Aroma-Zone, the French natural-cosmetics and wellness brand. Media estimates peg the enterprise value at roughly €2 billion, or about $2.3 billion. Nothing has been signed yet — the talks remain live — but the dual-track approach underscores a deliberate strategy of diversifying across growth sectors, from digital infrastructure to consumer goods.
Should investors sell immediately? Or is it worth buying Partners Group?
Operational Wins Beneath the Surface
While the new deals grab headlines, the existing portfolio is quietly delivering. Two US holdings in the heating, ventilation and air-conditioning space — DiversiTech and PremiStar — have posted revenue growth of 60% and 100% respectively since Partners Group acquired them in 2021. Extreme weather patterns, the firm notes, are fuelling demand for climate-control systems.
Technology is also being deployed across the portfolio. At Foundation Risk Partners, an AI transformation programme run jointly with IT services firm Version 1 lifted the EBITDA margin by 120 basis points — a $10 million effect. The example illustrates how the manager is using its network to drive operational efficiencies, a critical value lever in an environment where exits are harder to execute than they once were.
The Share Price Tells a Different Story
None of this activity has translated into share-price momentum. The stock closed Thursday at €775.20, down 1.1% on the day, and sits roughly 38% below its 52-week high of €1,240.00 set last September. Year-to-date, the decline stands at 27%.
There are faint signs of stabilisation: the current price is 3.7% above the 50-day moving average of €747.13. But the broader picture remains one of persistent weakness. Adding to the headwinds, Deutsche Bank trimmed its rating on the stock to "Hold" earlier this month and cut its price target — a move that has likely weighed on sentiment in recent weeks, even if the downgrade is now several days old.
What Comes Next
The key date for investors is 1 September, when Partners Group publishes its first-half 2026 results and hosts an analyst call. That will be the moment to gauge whether the recent acquisition wave has left any trace in the financials — or whether the impact will only materialise in later quarters. Until then, the defining picture is a busy deal pipeline running up against a stubbornly soft share price.
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