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By PBN Staff
NEW YORK – MidOcean Partners acquired Agilex Flavors & Fragrances from Providence-based middle-market private equity firm Nautic Partners LLC on Dec. 19, 2012, MidOcean announced Wednesday.
Headquartered in Piscataway, N.J., Agilex is a leading middle-market creator and manufacturer of fragrance compounds and delivery systems sold to manufacturers of air care, personal care, industrial, institutional and household products.
Agilex has production facilities in Georgia, New Jersey and China, a “Creative Center for Excellence” in Piscataway, N.J., and a fragrance laboratory located in Hong Kong.
“We are fortunate to have partnered with the outstanding management team at Agilex,” Bernie Buonanno, managing director of Nautic, said in prepared remarks. “Outgoing Agilex Holdings CEO Tom Lamb, Agilex Fragrances CEO Stu Zlotnik and the rest of the management team did a terrific job driving growth at the company and positioning it for continued success in the attractive air care and personal care product markets during Nautic’s ownership.”
According to a MidOcean release, the current Agilex management team is investing alongside MidOcean. The new board of directors will include Daniel Stebbins, former president of the flavor division worldwide for Dragoco and Haarmann & Reimer Corp.; Thomas Virtue, former president of Givaudan Roure, the world’s largest flavors and fragrance provider; and Brian Connolly, former executive vice president and president of North America for Avon Products Inc.
“Over the course of the past several years, MidOcean has been evaluating opportunities in the value-added fragrance and flavors space, and we found Agilex’s leading position in a fragmented middle market, its role in providing critical fragrance inputs for customers, and its excellent management team very compelling,” Rob Sharp, a MidOcean managing director, said in a statement.
“We are very impressed with the entire Agilex management team, all of whom are investing alongside MidOcean as part of this transaction,” added Sharpe. “We look forward to partnering with this team to grow the business organically and through significant acquisitions.”
Kirkland & Ellis LLP served as legal counsel for MidOcean Partners. Fidus Partners served as financial adviser to Agilex, and Edwards Wildman & Palmer LLP acted as Agilex’s legal counsel.
Financial terms of the deal were not disclosed.