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Firmenich takes a minority stake in Robertet

The wave of mergers and acquisitions continues in the perfume sector, as the industry’s global giants seek to consolidate their portfolio of natural ingredients.

Today, Firmenich has announced an agreement with US-based company First Eagle Investment Management to acquire the stake held by its advisory clients in France’s Robertet, representing approximately 17% of the share capital at a price of EUR 683.30 per security [1].

In 2018, Robertet achieved a turnover of 525 million euros, a rise of 4.2% from 2017. (Photo: Robertet)

In 2018, Robertet achieved a turnover of 525 million euros, a rise of 4.2% from 2017. (Photo: Robertet)

Firmenich has the greatest respect for Robertet, with its family values, long term vision of the industry and leading capabilities in natural ingredients,” said Patrick Firmenich, Chairman of the Board of the Swiss company. “As a long-term oriented shareholder, this investment reflects Firmenich’s commitment to best support Robertet’s continued growth.

With its strong naturals portfolio in Perfumery, Flavors and Ingredients, Robertet is well positioned to benefit from consumers’ continued demand for authentic natural products,” added Gilbert Ghostine, CEO, Firmenich. “This investment is fully in line with our vision for sustainable and natural solutions.

Firmenich also stated to be prepared to be a passive long-term shareholder of Robertet alongside the Maubert Family, but would also be open to “having friendly discussions for a larger participation or establishing a broader collaboration to support the long-term success of the company.

Robertet production unit in Grasse, South of France. (Photo: Robertet)

Robertet production unit in Grasse, South of France. (Photo: Robertet)

The Geneva-headquartered group is therefore ready to consider all options, including a take-over of a controlling interest in Robertet.

Firmenich has filed a declaration of crossing of thresholds and statement of intent with the Autorité des Marchés Financiers (AMF), the French authority regulating financial markets in France.

In 2018, Robertet achieved a turnover of 525 million euros, a rise of 4.2% from 2017. At the time of publication, the French company had not yet reacted to this acquisition of a minority stake by its Switzerland-based rival.

Footnotes

[1] Consisting of 303,875 shares and 97,305 investment certificates. Subject to possible adjustments should Firmenich file a tender offer or otherwise acquire or sell shares of Robertet within 12 months.

© 2019 - Premium Beauty News - www.premiumbeautynews.com
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