Paris, Hong Kong, June 21st, 2018 – Fortune Fountain Capital (“FFC”) today announced that it has completed the acquisition of 88.8% of the share capital of Baccarat, the internationally renowned French luxury crystal Maison, from affiliates of Starwood Capital Group and L Catterton.
FFC acquired the shares from the Starwood Capital and L Catterton affiliates at a price of €222.7 per share (the "Block Purchase"), for c. €164m. This transaction follows the completion of the Work Council consultation process in France and certain regulatory approvals in the People's Republic of China.
The closing of the Block Purchase will be followed by the filing with the Autorité des Marchés Financiers of a mandatory tender offer for the remaining outstanding shares at the same price per share as the Block Purchase in the coming weeks so that the AMF decides on the conformity of the draft tender offer.
FFC does not intend to have Baccarat delisted from Euronext Paris.
Ms. Coco Chu, Chairlady of FFC, said: “Today marks an important step in Baccarat’s 250-year history as FFC completes the acquisition of a majority stake in the company’s share capital. We are more than ever convinced that FFC is an ideal strategic partner to accelerate Baccarat’s international development and position the company for future growth and value creation. We look forward to working with its talented employees to further leverage their unique skills and the company’s longstanding heritage of excellence to reinforce Baccarat’s identity as a global icon of luxury lifestyle.”