Croda International’s HQCroda International’s fragrances and flavours subsidiary, Iberchem, has agreed to accumulate Parfex, a positive fragrance business based mostly in Grasse, France, for a complete enterprise worth of €45m.
Established in 1985 and now using 75 folks, Parfex creates fragrances principally for premium private care and positive perfumery markets, leveraging the pure uncooked supplies which can be out there within the area. The business sells its fragrances in additional than 50 international locations worldwide.
Parfex is 82 per cent owned by its founders with the remaining free float of shares listed on the Euronext Access market. Croda has agreed to accumulate 93 per cent of Parfex’s excellent shares, comprising the founding shareholders and sure minority traders. Croda stated it finally expects to accumulate 100 per cent of the full excellent share capital, topic to a possible tender provide and subsequent de-listing.
Steve Foots, Croda chief govt, stated: “We imagine that transitioning to extra pure uncooked supplies is a possible differentiator within the fragrance market. Parfex will play an vital position in Iberchem’s plans to extend its sustainable fragrance choices and additional enhances our place within the creation of higher-value positive fragrances.”
The transaction, which is topic to customary pre closing situations, is anticipated to shut by the tip of the second quarter of 2021.
