Eurazeo scores 2.7x return selling Nest New York to North Castle Partners at a $200m valuation

Eurazeo has made a roughly 2.7x return selling candle, soap and perfume specialist Nest New York to private equity house North Castle Partners.

The deal values Nest at about $200m. Eurazeo will keep a minority ownership position, as will Nest founder Laura Slatkin.

Eurazeo was the debut investment from the firm’s brands division, which it launched in May 2017.

During its investment period overall brand sales at Nest tripled, direct-to-consumer sales increased 10-fold and EBITDA margins significantly expanded, the firm said.

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Hemanshu Patel, partner at North Castle Partners, said, “We’re very excited to partner with Eurazeo and the management team at Nest and welcome the company into North Castle’s family of health and wellness focused brands that are leaders in their respective categories.

“It’s an ideal situation for us with Rich Gersten, beauty industry advisor at North Castle Partners, having worked with Laura and Nest in the past.”

Nest is North Castle’s second beauty and personal care investment in just over a year, following a deal for clean skincare brand, Glow Recipe in October 2021.

Source: AltAssets

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