Fragrance company Iberchem acquired by Croda
Croda has this week agreed to acquire Iberchem, which is headquartered in Spain, for €820m (c.£736m) on a debt-free, cash-free basis. Iberchem has been majority owned by French investment firm Eurazeo since 2017.
Iberchem will remain an independent entity with extensive support from Croda, continuing to serve its customers while collaborating with Croda teams on cross selling and other revenue synergy opportunities. “We are pleased to join the Croda family and therefore strengthen our business offer,” said Ramón Fernández, CEO of Iberchem. “Not only are Croda and Iberchem’s activities complementary, but also both companies have grown and expanded their activities on a similar vision and core values. The preservation of the Iberchem identity, the reason why our customers place their trust in us on a daily basis, was of paramount importance for the management team, and we are pleased how understanding Croda has been on this aspect. We are delighted to embark on this exciting new adventure.”
Steve Foots, CEO of Croda said: “We have known Iberchem Group’s senior team and their business for many years. This fabulous organisation stands out from its peers with its strong exposure to emerging markets, extensive portfolio of F&F products well placed to adapt to sustainability trends, strong R&D capability and its consistent track record of year-on-year growth over the last decade. By bringing our businesses together, we are creating a new, full service offering to our customers in Consumer Care markets and a compelling platform from which to grow the combined business in the years ahead. We look forward to welcoming our new colleagues to Croda and leveraging our respective networks and expertise.”