Turpaz Industries takes majority stake in Romessence

Turpaz Industries acquired approximately 70% of Romessence from its founders on 12 May 2026, through its Belgian subsidiary, for around 22.6 million euros in cash funded by long-term bank financing. The agreement was signed and completed the same day. The founders retained 30%, subject to a mutual put and call option exercisable from three years after completion, priced on the company’s performance from 1 January 2026 and payable in cash or Turpaz shares at their election. They continued to run the business and joined the management of the group’s fragrance division. Founded in 1997 and family-owned until the sale, Romessence creates and manufactures fragrance compounds, the blends of natural and synthetic materials giving a finished product its scent. Its perfumers develop them to each client’s brief, for fine fragrance, personal care, cosmetics and air care, and the company manufactures them itself, verifying composition by chromatography and mass spectrometry. It employs 19 people at its production site, development laboratory and sales office in Grasse, and sells across Europe, Asia, Central America, Africa and the Middle East. It generated revenue of €5–25M and an EBITDA of €0–5M in 2025. The business rests on the perfumer rather than the plant. A compound is composed by an individual whose training takes a decade and whose relationships with clients follow them, which is why the founders’ continued involvement formed part of the transaction, one of them being among the perfumers in the laboratory. Grasse is where that expertise is concentrated. Turpaz had acquired Attractive Scent there in July 2025, whose production site adjoins Romessence’s, and the two together formed its platform in fine fragrance, complementary in markets, customers and segments. It was one of eight transactions Turpaz completed since the start of 2025, within a programme of 28 acquisitions since 2017.