Stirling Square Capital Partners LLP is proposing to acquire Oaktree Capital Management LP's full stake in Verescence.

The pan-European private equity firm is exclusively negotiating with funds managed by Oaktree for the proposed purchase, which will be submitted to Verescence's workers' council and will be contingent on competition and other regulatory approvals.

Paris-based Verescence provides glass packaging for the perfume and cosmetics sector. Stirling Square backs mid-market companies across Western Europe with enterprise values of €50 million to €500 million.