BlackRock Long Term Private Capital has acquired a majority of the perfume company. The private equity fund reached an agreement with Mr. Olivier Creed to take over is family’s multi-century old luxury fragrance company.
Diageo CEO, Javier Ferrán will become chairman of the company’s board of directors and join as an investor. Mr. Ferrán, who has extensive experience with niche luxury brands and in working with European family-owned businesses, assumes his responsibilities at close of the transaction. He will work closely with Mr. Creed, who will continue as the master perfumer of the fragrance house.
“To have a business leader of Javier’s calibre join the Creed family is a significant boost to the business I have built over the past 50 years. His leadership and experience in the family owned luxury sector, as well as the financial support of a new majority investor with long term DNA, will ensure that Creed can continue to develop and produce the world’s greatest scents,” said Olivier Creed. “This business has been in my family for over 250 years and it was critical that, when the time was right, I was able to choose the best partners who would be able to best maintain our heritage as a luxury family business while helping us reach more people around the world.”