£39m fragrance business acquisition is completed
Listed speciality chemical business, Croda International, says its wholly-owned Iberchem subsidiary has successfully completed the acquisition of Parfex SA, a fine fragrance business based in Grasse, France.
This follows an announcement on 7 April 2021 that East Yorkshire-based Croda had reached an agreement to acquire Parfex.
Croda has acquired a controlling majority 95.6% of Parfex’s outstanding shares, comprising the founding shareholders and certain minority investors.
It ultimately expects to acquire 100% of the total outstanding share capital, subject to a potential tender offer and subsequent de-listing.
Parfex creates fragrances principally for premium personal care and fine perfumery markets, using the natural raw materials available in its home region.
It has seen good growth over the last decade, generating €3.6m/£3m EBITDA in 2020, and now sells its fragrances in more than 50 countries worldwide.
