Swiss investment firm Partners Group is close to finalizing a deal to acquire French beauty and wellness company Aroma-Zone from French asset manager Eurazeo in a transaction valued at approximately €2 billion. Sources familiar with the negotiations indicate that an agreement could be reached as early as this week, though the deal has not yet been officially confirmed.

Aroma-Zone, headquartered in Provence, was founded in 1999 initially as an aromatherapy information website before evolving into a retailer of natural beauty products. Its portfolio has expanded to include face serums, shampoos, food supplements, and DIY kits for homemade cosmetics. The company has experienced rapid growth in recent years, with revenues increasing by 52% in 2025 following similar growth in the preceding two years. Expansion efforts have included launching numerous new products and broadening its retail presence.

Eurazeo acquired a majority stake in Aroma-Zone in 2021 at a valuation reportedly around €700 million. Since then, the Vausellin family, founders of Aroma-Zone, has maintained a significant ownership interest in the company.

The potential acquisition by Partners Group comes amid a broader trend of significant activity in Europe’s beauty sector, which has attracted attention from private equity and strategic investors despite pressures across the consumer goods market. This deal follows other major transactions such as L’Oréal’s €4 billion purchase of the beauty division of Kering, which includes brands like Balenciaga and Bottega Veneta, and Advent International’s exploration of a $2 billion sale of its Parfums de Marly fragrance business. Additionally, a planned merger between Estée Lauder and Spanish beauty group Puig was recently abandoned.

Wellness and natural beauty segments have maintained investor interest amid overall consumer caution influenced by inflationary pressures. Aroma-Zone’s focus on natural ingredients and product innovation aligns with growing market demand in this space.

Representatives from Eurazeo and Partners Group declined to comment on the impending transaction. Aroma-Zone did not respond to requests for comment.