PARIS (dpa-AFX) - Croda International Plc (CRDA.L) announced Wednesday that its fragrances and flavours subsidiary, Iberchem, has agreed to acquire Parfex S.A., a French fine fragrance business, for a total enterprise value of 45 million euros.
The transaction is subject to customary pre closing conditions and is expected to close by the end of the second quarter of 2021.
Parfex, established in 1985, creates fragrances principally for premium personal care and fine perfumery markets. The company, which employs 75 people, generated 3.6 million euros 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.
Under the deal, Croda has agreed to acquire 93% of Parfex's outstanding shares, comprising the founding shareholders and certain minority investors. Croda 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.'
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