Croda expands Iberchem's fragrances offering with the acquisition of Parfex
7 April 2021
Croda International Plc ("Croda") today announces that its fragrances and flavours 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.
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 EBITDA in 2020, and now sells its fragrances in more than 50 countries worldwide.
Parfex is 82% owned by its founders with the remaining free float of shares listed on the Euronext Access market. Croda has agreed to acquire 93% 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.
Steve Foots, Croda Chief Executive Officer, said:
"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."
The transaction is subject to customary pre closing conditions and is expected to close by the end of the second quarter of 2021.
For more information, please contact:
Investors: David Bishop, Croda +44 7823 874428
Media: Charlie Armitstead, Teneo +44 7703 330269
About Croda - www.croda.com
Established in 1925, Croda is the name behind sustainable, high performance ingredients and technologies in some of the world's most successful brands: creating, making and selling speciality chemicals that are relied on by industries and consumers everywhere.
Croda is a FTSE 100 company with over 5,600 passionate and innovative employees, working across manufacturing sites and offices around the world with a shared Purpose to use Smart Science to Improve Lives™. As part of this Purpose, and with around two thirds of its organic raw materials already from bio-based sources, Croda has committed to be the most sustainable supplier of innovative ingredients, becoming Climate, Land and People Positive by 2030.