Houlihan Lokey is pleased to announce that Agilex Fragrances, a portfolio company of MidOcean Partners, has been acquired by Firmenich International SA (Firmenich). Financial terms of the transaction were not disclosed. The transaction closed on July 11, 2017.
Headquartered in Piscataway, New Jersey, Agilex Fragrances is a leading provider of fragrance compounds and delivery systems to mid-sized customers. The company possesses leading creative and technical capabilities for the customers it serves, which are primarily manufacturers of air care, home care, personal care, fine fragrance, and industrial & institutional products throughout the United States.
Firmenich is the world's largest privately owned company in the fragrance and flavor business. Founded in Geneva, Switzerland, in 1895, it has created many of the world's best-known perfumes and flavors, which billions of consumers enjoy each day. Its passion for smell and taste is at the heart of its success. It's renowned for its world-class research and creativity, thought leadership in sustainability, and exceptional understanding of consumer trends. Each year it invests ~10% of its turnover in R&D, reflecting its continuous desire to understand, share, and sublimate the best that nature has to offer. Firmenich had annual sales of 3.2 billion Swiss francs at the end of June 2016.
Established in 2003, MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle-market private equity and alternative credit investments. MidOcean's private equity funds manage approximately $4 billion in commitments. Since inception, the focus of their private equity funds has been on high-quality, middle-market companies with attractive strategic, operational, and financial growth opportunities in the consumer and business services sectors.
Houlihan Lokey served as the exclusive financial advisor to Agilex Fragrances and assisted in structuring and negotiating the transaction on their behalf. This deal represents another successful transaction for Houlihan Lokey in the food & beverage industry.