CBPE smells sweet

Close Brothers Private Equity (CBPE) has acquired International Flavors & Fragrances aroma chemicals business in Widnes, Cheshire. CBPE made the acquisition with the Widnes management and the newly-independent company will be known as Aroma & Fine Chemicals Ltd. Terms of the transaction were undisclosed.

CBPE partner Iain Slater, who will join the A&FC board as a non-executive director, said: “Close Brothers is investing in an established business with a strong position in the international fragrance market. Steven Pipe and his management team are leading a highly skilled and enthusiastic workforce and we look forward to developing A&FC’s core business and expanding into new niche markets.”

A&FC has an annual turnover of GBP20 million and 80 employees. The business serves a large international client base of consumer products companies and fragrance manufacturers.

CBPE and the management team were advised by a team from Ernst & Young Corporate Finance, led by Steve Stuart.