Diversifying F&F Growth


This jointly written article addresses three prevalent industry themes. Firstly, we set into context the nature of the current peak of mergers and acquisitions (M&A) activity that analytically examine its empirical trend and impact on expected value. Secondly, we probe the differing strategic objectives of deal protagonists and investigate its impact on both F&F increasing market concentration and the diversification of corporate strategy away from its traditional flavor and fragrance (F&F) pure product heartland. Lastly, we consider the reasons why some owners may be contemplating a partnership process at this time and highlight the alternative array of strategic options available, some of which may better meet stakeholders' objectives and retain the culture and identity of a business, rather than the alternative of merely being gobbled-up and digested in a takeover.

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