Baccarat bought by Chinese investment fund Fortune Fountain Capital

Chinese investment fund Fortune Fountain Capital (FFC) has finalised the acquisition of prestigious French luxury crystalware manufacturer Baccarat, founded over 250 years ago.

The announcement was made by the two parties in a joint press release published last Thursday, which indicated that FFC signed the deal to acquire 88.8% of Baccarat's capital from entities affiliated with Starwood Capital Group and L Catterton, having obtained a positive response from the employee committee.

The operation still requires full approval from the regulatory authorities, and will be followed by a mandatory public offer for Baccarat's remaining shares, at a price of €222.70 per share. Baccarat's valuation will therefore be approximately €185 million.

In early June, when the transaction was first announced, Baccarat stated that the operation would allow the company "to push ahead with its international strategy, notably in Asia and the Middle East, while also bolstering its growth in developed markets."

Baccarat was founded in 1764 and specialises in tableware, lighting fixtures, decorative objects and jewellery. Its factory is based in the town of Baccarat, in eastern France.

An icon of French lifestyle, Baccarat employs approximately 500 workers, and in 2016 it generated a profit of €2.2 million on a revenue of €148 million, after making a loss in 2015.