Partners Group's Deal Blitz Masks a Share Price Still Nursing Deep Wounds
Published on 08/08/2026 at 03:32 | Redaktion boerse-global.de
The Swiss private markets firm has emerged from a quiet spell with a flurry of activity that would be eye-catching in any market climate. Within days, Partners Group has secured exclusivity on a €2 billion acquisition of French natural cosmetics chain Aroma-Zone, taken majority control of a British data center power specialist for over $1 billion, and offloaded its stake in Polish convenience retailer ?abka. Yet for all the transactional energy, the company's stock remains a study in contrasts — up sharply from its lows, but still down by roughly a third over the past year.
A Two-Pronged Acquisition Push
The most recent development centers on Aroma-Zone, a French maker of natural cosmetics ingredients and products. Partners Group has entered exclusive talks with investment firm Eurazeo, which will retain a significant minority position in the business. Reuters reported that Aroma-Zone has tripled its revenue since 2021 and expanded its customer base beyond 5 million. The French company currently operates more than 30 own-brand stores, with a further twelve locations in the pipeline, and the Financial Times pegged the potential transaction value at around €2 billion — roughly $2.31 billion.
Hot on the heels of that announcement came confirmation of the AVK Power Solutions deal. Partners Group plans an initial investment of more than $1 billion to take a majority stake in the UK-based provider of power supply solutions for data centers. The existing management team stays on board with a minority holding, and the capital injection — alongside accompanying debt financing — is earmarked to support AVK's international expansion. The company brings a formidable track record: over 20,000 completed projects and roughly 3.5 gigawatts of installed capacity, concentrated in Europe's largest data center markets including Frankfurt, London, Amsterdam, Paris and Dublin. Managing Director Nicholas Pepper framed the investment as a response to the accelerating build-out of cloud and AI infrastructure.
The ?abka Exit
Sandwiched between these two acquisitions is a notable divestment. On July 31, Partners Group sold its stake in Polish convenience chain ?abka to Canadian conglomerate Alimentation Couche-Tard, which has launched a voluntary tender offer valuing the company at roughly $8.6 billion. Partners Group, together with other major shareholders controlling around 57 percent of the shares, has committed to tendering its holdings at approximately $8.48 per share. The offer is expected to open around August 26, run for an initial 30-day period, and conclude no later than December.
Should investors sell immediately? Or is it worth buying Partners Group?
A Share Price Caught Between Recovery and Reality
The deal-making spree has coincided with a meaningful bounce in Partners Group's stock. The shares closed Friday at €788.60, up 2.28 percent on the day, and have gained 9.01 percent over the past seven trading sessions. That rally has carried the stock roughly 15 percent above its 52-week low of €686.80.
But the longer-term picture remains sobering. The stock is still down 25.67 percent since the start of the year and has shed 34.34 percent over the trailing twelve months. It sits more than 36 percent below the 52-week high reached last September. Capital markets analyst Serge Nussbaumer of Maverix Securities attributes the recent uptick to the AVK acquisition and a technical rebound following the earlier sell-off, noting that the shares remain 16.45 percent below their 200-day moving average.
The origins of that sell-off are well documented. In late April, US short seller Grizzly Reports published a critical report alleging that up to 40 percent of investments in Partners Group's in-house "Evergreen" fund program were significantly overvalued. The firm rejected the claims, but in early June it restricted redemptions from two major Evergreen funds — a move that triggered a 17 percent share price drop on June 3. Since then, insiders — reportedly including founders Alfred Gantner, Urs Wietlisbach and Marcel Erni — have disclosed 19 purchase transactions totaling around CHF 67 million. Early August also brought a further disclosure of holdings in Partners Group Holding to the Swiss exchange, though its precise contents have not been detailed.
Partners Group at a turning point? This analysis reveals what investors need to know now.
Market Tailwinds
The broader market has provided a supportive backdrop for the stock's recovery. Germany's DAX index hit a fresh record high of 26,445 points on Friday, closing the week up 2.7 percent after US labor market data tempered speculation about further rate hikes. A friendlier market environment typically eases both exits and new investments for private equity firms, as valuations become easier to defend and financing conditions loosen.
For now, the Aroma-Zone transaction remains an exclusivity agreement rather than a binding contract — a preliminary step toward a definitive deal. Should it close as outlined, it would add a profitably growing consumer brand with European store presence to Partners Group's portfolio, reinforcing the firm's positioning in the mid-market consumer goods segment during what is shaping up to be an eventful summer.
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