Ardian sells French chemical maker DRT for €1.9bn

Swiss perfume giant Firmenich buys DRT in its largest deal ever.

European private equity group Ardian exited Les Dérivés Résiniques et Terpéniques, a maker of sustainable perfume ingredients, at a €1.9 billion ($2.15 billion) valuation, said a source familiar with the deal.

DRT was acquired by Firmenich, a Swiss giant in the fragrance and flavor sector. The deal, announced early Friday, is said to be the biggest acquisition for Firmenich to date.

DRT, a pine derivatives supplier, was jointly owned by Ardian, Tikehau Capital and family shareholders. The company generates more than €550 million in revenue, employing over 1,500 people in production sites located in France, USA, India and China.

In a press release CEO of Firmenich, Gilbert Ghostine said, “DRT would bring new capabilities in health & nutrition, cosmetics, as well as several new markets, including adhesives, coatings and agriculture. This acquisition reinforces our presence in France, which is our second largest market where we have been established for more than 120 years.”

Headquartered in France, DRT offers green alternatives for fragrance, pharmaceutical and other industries. Its products are largely made from pine trees.

Firmenich was advised by Goldman Sachs International, Raphaël Financial Advisory and Bredin Prat, while Ardian was advised by Citigroup, Rothschild & Co, Latham & Watkins and White & Case.

Action Item: Check our Ardian’s latest Form ADV https://adviserinfo.sec.gov/firm/summary/121326