Speciality chemical business Croda International says its fragrances and flavours subsidiary, Iberchem, has agreed to accumulate Parfex SA, a nice fragrance firm, for a complete enterprise worth of €45m/£39m.
Based in Grasse, France, and established in 1985, Parfex now employs 75 folks.
It creates fragrances principally for premium private care and nice perfumery markets, utilizing the pure uncooked supplies out there within the area.
The business has seen good progress over the past decade, producing €3.6m/£3m EBITDA in 2020, and now sells its fragrances in additional than 50 international locations worldwide.
Parfex is 82% owned by its founders with the remaining free float of shares listed on the Euronext Access market.
East Yorkshire-based Croda has agreed to accumulate 93% of Parfex’s excellent shares, comprising the founding shareholders and sure minority buyers.
Croda in the end expects to accumulate 100% of the entire excellent share capital, topic to a possible tender provide and subsequent de-listing.
Steve Foots, Croda chief government officer, mentioned: “We imagine that transitioning to extra pure uncooked supplies is a possible differentiator within the fragrance market.
“Parfex will play an necessary position in Iberchem’s plans to extend its sustainable fragrance choices and additional enhances our place within the creation of higher-value nice fragrances.”
The transaction is predicted to shut by the top of the second quarter of 2021.
