TAGS: Perfumes & Fragrances
Croda announces that its fragrances and flavors subsidiary, Iberchem, has completed the acquisition of Parfex S.A. (“Parfex”), a fine fragrance business based in Grasse, France, for a total enterprise value of 45 million euros.
Plans to Expand Fragrance Offering
Established in 1985 and now employing 75 people, Parfex creates fragrances principally for premium personal care and fine perfumery markets, leveraging the natural raw materials that are available in the region. The business has seen good growth over the last decade, generating 3.6m euros EBITDA in 2020, and now sells its fragrances in more than 50 countries worldwide.
Croda has acquired a controlling majority 95.6% of Parfex’s outstanding shares, comprising the founding shareholders and certain minority investors. Croda ultimately expects to acquire 100% of the total outstanding share capital, subject to a potential tender offer and subsequent de-listing.
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We believe that transitioning to more natural raw materials is a potential differentiator in the fragrance market. Parfex will play an important role in Iberchem’s plans to increase its sustainable fragrance offerings and further enhances our position in the creation of higher-value fine fragrances,” said Steve Foots, Croda chief executive officer.
Source: Croda