Dive Brief:
- Subject to regulatory approval, Symrise AG will acquire Pinova Holdings from TorQuest Partners. Pinova is a manufacturer of ingredients for the beverage, oral care, and fragrance industry. The sale is expected to close in early 2016.
- Symrise will pay approximately $400 million for Pinova, which had approximately $287 million in sales in 2014. Pinova is based in Brunswick, GA, and also has manufacturing operations in Colonel’s Island, GA, and Jacksonville, FL.
- Pinova Holdings consists of Pinova, Inc., which primarily produces resins, and Renessenz LLC, which is the leading producer of terpene-based aroma chemicals, according to its website. Renessenz also produces a wide range of terpene and non-terpene based flavor ingredients.
Dive Insight:
Symrise is already a global supplier of flavors, fragrances, and other ingredients, and Pinova’s business complements that of Symrise. The acquisition of Pinova Holdings is a "big step in the growth of [Symrise’s] aroma molecules business," according to Heinz-Jurgen Bertram, CEO of Symrise.
