IBERCHEM GROUP
Acquired by
CRODA INTERNATIONAL
IBERCHEM GROUP acquired by CRODA INTERNATIONAL
Target
IBERCHEM GROUP
Acquirer
CRODA INTERNATIONAL
Context
Croda International has acquired Iberchem Group from the French private equity firm Eurazeo. This acquisition provides Croda with an immediate, high-growth platform in the global Fragrances & Flavours (F&F) market. The deal allows Croda to offer "full formulation" solutions to its customers (combining active ingredients with scents). Iberchem will continue to operate as an independent entity to preserve its agile culture. The transaction was funded via a combination of existing debt facilities and an equity placement.
IBERCHEM GROUP, which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN as high as the 10.5x average currently observed in the Industry & Manufacturing sector.
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Target
Headquartered in Murcia, Spain, Iberchem is a leading global manufacturer of fragrances and flavours. The company specializes in creating scents for personal care (fine fragrances, shampoos) and home care products (detergents), which account for ~80% of sales. It also operates a "Flavours" division called Scentium (20% of sales) for the food and beverage industry. Iberchem is distinct for its "Emerging Market" focus, with strong positions in Asia, the Middle East, and Africa, and a business model tailored to local/regional brands rather than global multinationals.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with IBERCHEM GROUP
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 06/2021 | IBERCHEM GROUP | PARFEX | FRANCE | Flavors & Fragrances | Iberchem has acquired a 95% stake in Parfex, a French fragrance house, with the intention to launch a squeeze-out to delist the company from Euronext Access. This acquisition is highly strategic for Iberchem (and its parent Croda), as it secures a foothold in Grasse, France, enhancing its legitimacy in the "Prestige" and "Fine Fragrance" segments. Parfex's focus on premium, natural ingredients complements Iberchem's existing portfolio, which is historically stronger in emerging markets and mass-market applications. |
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