Houlihan Lokey Advises Trajan

Houlihan Lokey is pleased to announce that Trajan has sold its portfolio company, Essences & Parfums, one of the last independent fine fragrance houses in the Grasse perfume valley, to Sagard Europe MidCap. The transaction closed on 21 May 2026.

Founded in 1993 in Grasse, France, by the Romani family, Essences & Parfums is a high-end B2B perfumer that develops and produces fine fragrance compositions for distributors and independent brands across more than 40 countries, with a distinctive focus on fast-growing markets across the Middle East, Africa, Asia, and Europe. Under the ownership of Trajan, which acquired a majority stake in 2023 alongside co-investors Bpifrance and Smalt Capital, the company underwent a successful development phase under the leadership of its new CEO, Samuel Desprets, supported by an experienced management team. Drawing on a highly automated “Made in Grasse” industrial platform and a proprietary library of more than 20,000 formulas, the group strengthened its commercial organization, broadened its creative pipeline, and invested in its production capabilities, delivering sustained double-digit organic growth over the period.

In the coming years, Essences & Parfums is expected to pursue its international expansion into high-growth geographies while further strengthening its commercial, creative, and industrial capabilities. The new partnership with Sagard will support the company’s next growth phase, notably focusing on accelerating its international development and implementing a targeted buy-and-build strategy. Led by Samuel Desprets, the management team is reinvesting significantly alongside Sagard Europe MidCap in the transaction.

Sagard Europe MidCap is a leading middle-market private equity investor across Europe. Sagard Europe MidCap partners with founder- and management-led European businesses to accelerate their growth and build market leaders, supporting both organic expansion and targeted acquisitions. This transaction represents the final investment of Sagard Europe MidCap’s Fund IV. It also marks Trajan’s fourth exit from its first fund, which is specialised in capital and management transition operations for SMEs.

Houlihan Lokey acted as sellside financial advisor to Trajan and the shareholders of Essences & Parfums.

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