IK Investment Partners receives an exclusive binding offer from International Flavors & Fragrances for Lucas Meyer Cosmetics
IK Investment Partners (“IK”) has received a binding offer from International Flavors & Fragrances Inc. (NYSE:IFF) (“IFF”), a leading global creator of flavors and fragrances for consumer products, for the sale of Lucas Meyer Cosmetics group of companies (the “Company”), a leader in the field of innovative active and functional ingredients for the cosmetics industry, and part of Unipex Group.
On the basis of the binding offer received from IFF, Unipex Group will consult the French works council within the group on the merits of entering into a definitive agreement. The transaction is expected to close in the third quarter of 2015 and is subject to exclusivity protection. Under the terms of the offer IFF will pay approximately €283 million.
Under IK’s ownership, Lucas Meyer Cosmetics has been strengthened significantly, growing revenue and EBITDA substantially, entering new markets and growing its client and product portfolio.
Headquartered in Quebec, Canada, Lucas Meyer Cosmetics holds the patents and exclusive rights for a portfolio of approximately 200 ingredients available worldwide through a network of distributors and professional agents in more than 50 countries in North America, Europe and Asia. The Company enjoys strong relationships with a large portfolio of cosmetics manufacturers including many worldwide brands. Over the years, the Company has also received many prestigious industry awards for the development of its new products.
In 2013, Lucas Meyer Cosmetics acquired Southern Cross Botanicals, headquartered in New South Wales near Byron Bay in Australia, recognised as the world’s leading reference for the development of innovative botanical ingredients derived from Australian native plants (botanical extracts, certified organic extracts, active ingredients, essential oils, vegetable oils and exfoliants).
“We have supported the management team and helped them capitalise on the Company’s strong product pipeline and excellent customer relationships to deliver double-digit revenue growth. This has been achieved through a combination of organic and external growth. The Company has now become a major global player in its sector and we are confident that it is well equipped to continue its growth trajectory”, says Rémi Buttiaux, Partner at IK Investment Partners.
“The divestment of Lucas Meyer Cosmetics will give Unipex the opportunity to concentrate on its core business as a specialty chemicals distributor for pharmaceutical, fine chemicals, cosmetics and nutrition industries”, says Patrice Barthelmes, CEO, Unipex Group.
“We believe IFF is the preferred partner for Lucas Meyer Cosmetics’ future development while preserving the continuity of the world-class, innovative and market-driven cosmetic ingredient expertise built over the years by our dedicated and loyal employees,” said Antonio Lara, Vice President and General Manager of Lucas Meyer Cosmetics.
Completion of the transaction is subject to legal and regulatory approvals.
IK Investment Partners – Dan Soudry, Rémi Buttiaux, Arnaud Bosc, Thibaut Richard
Financial advisor: Lazard (Alexandre Benais, Matthieu Guillard, Anne-Lyne Bancalin, Augustin Derquenne)
Legal advisor: Willkie Farr & Gallagher (Eduardo Fernandez, Philippe Grude, Elise Carrera, David Lambert, Gregory De Saxce)
Unipex – Patrice Barthelmes, Louis-Georges Gauvin, Jean-François Hebert, Antonio Lara
For enquiries, please contact:
IK Investment Partners
Rémi Buttiaux, Partner
Phone: +33 1 44 43 06 63
Charlotte Laveson, Communications Director
Phone: +44 207 3047136
Isabelle Lacasse, Marketing Director, Lucas Meyer Cosmetics
Phone: +1 418 670 3704
Patrice Barthelmes President and CEO, Unipex Group
Phone: +33 1 47 32 81 37
About IK Investment Partners
About International Flavors & Fragrances Inc.