Swiss supplier of fragrances and aromas Givaudan has announced that it has entered into exclusive negotiations to acquire Soliance, a French company specialising in cosmetic active ingredients derived from vegetable sources, microorganisms and microalgae. Soliance has two sites in France, located in Pomacle (Eastern France) and Île Grande (Brittany), and employs 77 people.
“Soliance represents Givaudan’s first acquisition since that of Quest. Its current portfolio of active cosmetic ingredients and strong process development and research capabilities fit well into the five strategic pillars of Givaudan,” said Gilles Andrier, CEO of Givaudan.
Once the acquisition is completed, Soliance will become an integral part of Givaudan’s Fragrance Division. The Swiss group expects Soliance to strengthen its Research and Development capabilities, in particular, thanks to its strong track record of identifying natural molecules with high value.
The terms of the deal have not been disclosed, however Givaudan said it plans to fund the transaction from existing resources. Givaudan also said the acquisition would have represented approximately CHF 25 million (about EUR 20 million) of incremental sales to Givaudan’s results in 2013 on a proforma basis.
The transaction is expected to close in the second quarter of 2014, subject to the customary closing approvals and conditions which includes consultations with the employee representative bodies.