MidOcean Partners divests Agilex Fragrances to Firmenich

Private equity firm MidOcean Partners has entered an agreement to divest Agilex Fragrances to fragrance and flavour company Firmenich.

Agilex designs fragrances and forms technical solutions for various sectors such as personal care, fine fragrances, and homecare.

MidOcean initially began investing in Agilex in December 2012, which later led to the appointment of three new executives to the Agilex board. The new appointments included former Dragoco and Haarmann & Reimer Flavour division president Daniel Stebbins, former Givaudan Roure president Thomas Virtue, and former Avon Products North America vice-president and president Brian Connolly.

Agilex is said to have leveraged the new leadership team to support sales and marketing efforts. The fragrance firm carried out four add-on acquisitions, increased new customer acquisition, and reinvested in the business.

Earlier this year, the firm also inaugurated a new manufacturing centre at Somerset County in the US.

Agilex's president and chief executive officer (CEO) Raymond Hughes said: “I am very proud of what MidOcean and the Agilex team accomplished during our successful partnership. Together we have scaled and transformed the company, generated outstanding growth, and positioned Agilex for continued success.

“MidOcean’s support of our business and management team was unwavering throughout our partnership, exemplified by the recently launched, state-of-the-art manufacturing centre.”

Subject to customary closing conditions and regulatory approvals, the deal is expected to be completed in Q3, 2017.