Partners Group is in exclusive talks to buy a majority stake in France’s Aroma‑Zone, a retailer of beauty and wellness products. Eurazeo, the current owner, will retain a significant minority stake while selling the rest of the company.

Eurazeo said it would keep a significant minority stake, but did not specify the size. The transaction would generate approximately 576 million euros of gross proceeds attributable to Eurazeo’s balance sheet, according to the firm’s press release.

The deal values all of Aroma‑Zone at about $2.3 billion (≈2 billion euros when debt is included), two people familiar with the transaction confirmed. While the parties have not disclosed further financial details, the valuation reflects the brand’s market footprint.

The agreement underscores Eurazeo’s strategy to focus on core assets and aligns with Partners Group’s expansion in the beauty sector. The transaction, if completed, will reshape ownership of one of France’s prominent beauty and wellness retailers.