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As previously reported, private equity firm MidOcean Partners has acquired a majority equity position in Agilex Flavors & Fragrances (Piscataway, New Jersey).
Agilex was previously owned by Nautic Partners; its facilities include production sites in Georgia, New Jersey and China, and a creative center in Piscataway and fragrance laboratory in Hong Kong.
According to MidOcean, the current Agilex management team is investing alongside MidOcean. The new board of directors will include Daniel Stebbins, who previously held positions with Dragoco and Haarmann & Reimer and, later, Symrise GmbH & Co.
Also joining the board is Thomas Virtue, former president of Givaudan Roure.
Brian Connolly, previously of Avon Products Inc., will also serve on the board.
“Over the course of the past several years, MidOcean has been evaluating opportunities in the value-added fragrance and flavors space, and we found Agilex’s leading position in a fragmented middle market, its role in providing critical fragrance inputs for customers, and its excellent management team very compelling,” said Rob Sharp, a MidOcean Managing director. “We are very impressed with the entire Agilex management team, all of whom are investing alongside MidOcean as part of this transaction. We look forward to partnering with this team to grow the business organically and through significant acquisitions.”
“I am extremely excited about our new relationship with MidOcean Partners and the financial expertise and resources they provide," said Agilex CEO Stu Zlotnik. "To serve on the board of directors with these industry icons is both an honor and a privilege. Their deep knowledge at the highest levels of the industry will provide the additional vision and support that we were seeking as we continue to grow our business. We will continue to build on our record of creating winning fragrances, new technological innovations and marketing capabilities focused directly on our clients’ specific needs.”
“We are fortunate to have partnered with the outstanding management team at Agilex,” said Bernie Buonanno, managing director of Nautic. “Outgoing Agilex Holdings CEO Tom Lamb, Agilex Fragrances CEO Stu Zlotnik and the rest of the management team did a terrific job driving growth at the company and positioning it for continued success in the attractive air care and personal care product markets during Nautic’s ownership.”