TAGS: Perfumes & Fragrances
Croda announced that its fragrances and flavors subsidiary, Iberchem, has agreed to acquire 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.
Parfex is 82 percent owned by its founders with the remaining free float of shares listed on the Euronext Access market. Croda has agreed to acquire 93 percent of Parfex’s outstanding shares, comprising the founding shareholders and certain minority investors. Croda ultimately expects to acquire 100 percent 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.
The transaction is subject to customary pre closing conditions and is expected to close by the end of the second quarter of 2021.
Source: Croda