Strategic Value Partners-backed Aromair Group sold its U.S. subsidiary Aromair Fine Fragrance Company Inc. to Knowlton Development Corp. The deal closed on Nov. 8 and terms were not disclosed.
Strategic Value Partners (“SVPGlobal”) announced today that Knowlton Development Corporation (“KDC”) and Aromair Group (formerly known as “Jeyes Group”), a portfolio company of affiliates of funds and accounts managed by SVPGlobal (“SVPGlobal Funds”), have entered into a definitive agreement under which KDC will acquire Aromair Group’s U.S. subsidiary Aromair Fine Fragrance Company Inc. (“Aromair” or “the Company”). The terms of the transaction, which was completed on 8 November 2017, were not disclosed.
Having first invested in 2011, SVPGlobal Funds directly or indirectly own a majority of Aromair Group’s equity. During the last five years, SVPGlobal has partnered closely with the Group’s leadership team in growing the Company into a very solid and respected contract manufacturer of Air Care products in the U.S. and Canadian markets.
Michael Teacher, Chairman of Aromair Group, said: “Today’s announcement underscores the strong growth achieved over the last few years under SVPGlobal Funds’ ownership.”
Victor Khosla, founder of SVPGlobal, said: “Aromair has grown into a very solid and respected business over the last few years. We are pleased that the Company is positioned to continue to realize its potential under KDC’s ownership.”
Following the transaction, the Aromair Group will be renamed.
SVPGlobal was founded in 2001 by Victor Khosla. With approximately $6.9 billion in assets under management, SVPGlobal is a leading global investment firm with primary offices in Greenwich (CT), London, Frankfurt and Tokyo, focused on distressed and deep value investments. SVPGlobal seeks to create value in its investments through its substantial industry, restructuring and operating experience. For more information, please go to www.svpglobal.com
About Aromair Fine Fragrance Company Inc.
Aromair, headquartered in New Albany, Ohio, is a leader in the large and growing Air Care category with unmatched scale and installed capacity. With the quality of its team, it is well positioned to capitalize on favorable market trends and category dynamics. For more information, please go to www.aromair.com.
About Knowlton Development Corporation
KDC is a leader and total solution provider in the contract manufacturing fields of regulated and non-regulated personal care products with sales of more than US$775 million, eight operating facilities run by a most talented and experienced team of professionals. KDC has its head office in Longueuil, Québec. In addition to the Aromair facilities, KDC has plants in Knowlton (Quebec), Lynchburg (Virginia), Columbus (Ohio), Kolmar Port Jervis (New York), Acupac Mahwah (New Jersey), Chatsworth (California), as well as the KDC ChemAid facilities, located in Saddle Brook, New Jersey, and Newbury Park (California). Altogether, the company employs 2,800 people, including more than 750 in Knowlton. For more information, please go to www.kdc-companies.com.
Founded in 1981, Novacap is a leading Canadian private equity firm with $2.26 billion of assets under management. The Firm has raised over $2.6 billion in capital since its inception. Novacap’s unique investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous investee companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, please go to www.novacap.ca.