Swiss Firmenich has agreed to buy Les Dérivés Résiniques et Terpéniques (DRT), which specialises in plant-based chemistry, from private equity group Ardian, Tikehau Capital and family shareholders, the flavours and fragrances group said on Friday.
It gave no financial terms for buying DRT, which has more than 550 million euros ($620 million) in sales, over 1,500 employees and production sites in France, the United States, India and China.
It specialises in naturally derived ingredients, mainly from pine trees.
Firmenich Chief Executive Gilbert Ghostine said DRT would strengthen Firmenich’s perfumery & ingredients business.
“DRT would bring new capabilities in health & nutrition, cosmetics, as well as a number of new markets, including adhesives, coatings and agriculture,” he said.
Goldman Sachs and Raphael Financial Advisory advised Firmenich, while buyer due diligence was provided by Deloitte Finance, Bredin Prat and Taj Avocats, Firmenich said.
Citi and Rothschild & Co advised Adrian, while Latham & Watkins provided legal advice. Due diligence advisers were EY Finance, White & Case, Advancy, Ramboll, EY Tax and Indefi.
Source: Reuters
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