Speciality Chemicals Magazine MAR / APR 2021 | Page 38

‣ might sell at a low price . The result is that valuations from both private equity and trade buyers are typically in the range of 8-10x EBITDA and sometimes even higher . The impacts of the pandemic resulted in a dramatic halt in acquisition activity in Q2 and Q3 2020 within the FF & I market . Towards the end of 2020 , Clearwater witnessed an increase in activity , led by some of the larger players who managed to best navigate the storm of the pandemic . Among the flavours and fragrances ( F & F ) giants , Switzerland-based Givaudan has acquired :

• Naturex , a French manufacturer of ingredients for the cosmetics , healthcare and food industries

• Albert Vieille , a French manufacturer of aromatic products

• AMSilk , a German manufacturer of spider silk materials

• Drom Fragrances , a German manufacturer of fragrances

• Fragrance Oils International , a UK-based maker of essences and natural herbal extracts for air care , household and personal care products , and fragrances

• Indena , an Italian manufacturer of cosmetic ingredients

• Ungerer & Co ., a US F & F manufacturer

• Golden Frog , a Vietnamese manufacturer of F & F and essential oils

• Alderys , a France-based developer of nutrients Givaudan ’ s compatriot Firmenich has been no less acquisitive , with its major recent buys being :

• Robertet , a French FF & I producer

• Campus , an Italian manufacturer of functional ingredients for the food and beverage industry

• Evonik ’ s CO ₂ extraction division , an

F & F maker

• Natural Flavors , a US manufacturer of organic flavours for the food and beverage industry

• Nelixia , a Guatemalan manufacturer of natural oils for F & F

• Senomyx , a US manufacturer of flavour ingredients and natural sweeteners for the food and beverage industry

• VKL Seasoning , an Indian maker of flavours and seasonings for the food and beverage industry

• MG International , a Turkey-based manufacturer of F & F

• DRT , a France-based manufacturer of natural ingredients for the F & F , and health and nutrition markets Germany ’ s Symrise has acquired Cutech , an Italian manufacturer of cosmetic ingredients for hair and skin treatments , and three natural flavour and protein ingredients : International Dehydrated Foods , IsoNova Technologies and American Dehydrated Foods . In November 2020 , Symrise also acquired the fragrance and aroma chemicals business unit of Sensient Technologies . Ireland ’ s Kerry Group , meanwhile , bought the chicken-based food ingredient business of Symrise , along with SIAS Food and Zhejiang Hangman Food Technologies of China , and Season to Season Flavour Manufacturers of South Africa . Recent buys by IFF include :

• DuPont ’ s Nutrition & Biosciences division , a major supplier of enzymes , flavours , fragrances , nutritional products , probiotics and proteins

• Frutarom Industries , an Israeli F & F maker

• Speximo , a Swedish maker of emulsifiers for oil-water based products for natural applications . There are many other examples of M & A deals consolidating the sector globally . Among them are the acquisitions of :

• Pinova Group , a US supplier of flavours and ingredients for the food and beverages , fragrance , pharmaceutical and veterinary industries by Japan ’ s Nagase

• GlobeNatural Internacional , a Peruvian maker of natural food ingredients , and Mazza Innovation of Canada , which makes solventfree bioactive ingredients from botanical sources , both by Sensient Technologies of the US

38 SPECIALITY CHEMICALS MAGAZINE ESTABLISHED 1981