L Catterton takes minority of Ex Nihilo at ~€55M; Eurazeo exits 2.7x in 18 months

February 20, 2026 — L Catterton (LVMH-backed PE firm with $37B AUM) completed acquisition of a significant minority stake in Ex Nihilo Paris from Eurazeo, which exited its full position. Transaction at ~€55M generated a 2.7x gross cash-on-cash multiple for Eurazeo, which had invested €30M in 2024 when Ex Nihilo was at €58M sales. Ex Nihilo (founded Paris 2013) operates a luxury fragrance house with bespoke and permanent collections; L Catterton intends to back US expansion. Establishes a live €55M market multiple for niche luxury fragrance and signals continued institutional appetite for the niche-to-prestige category.