PARIS — To help augment its scent and care activities, German fragrance and flavors supplier Symrise AG said Monday that it has acquired U.S.-based Pinova Holdings Inc. from Torquest Partners, a private-equity company, for $397 million.
Subject to conditions to be met within a year, the seller will receive a premium of $20 million.
Pinova Holdings, based in Brunswick, Ga., supplies ingredients from natural and renewable sources used mostly in the manufacturing of perfumes, scents and oral care, including products based on wood, orange oils and paper production byproducts.
Pinova Holdings owns operating companies Pinova and Renessenz.
“With this acquisition, Symrise is expanding its range of fragrance ingredients and will thus boost its competitiveness in the creation of fragrance compositions,” the company said in a statement.
Heinz-Jürgen Bertram, chief executive officer of Symrise, called the buy a “big step in the growth of our aroma molecules business. In view of the increasing importance of natural and renewable raw materials for the fragrance industry, the product range ideally complements our current portfolio.”
He added: “At the same time, the company will benefit from our global presence and sales structure as well as our R&D expertise.”
Pinova Holdings has manufacturing operations in Brunswick; Colonel’s Island, Ga., and Jacksonville, Fla. In fiscal year 2014, it registered sales of $287 million. The company has approximately 400 employees.
The acquisition is expected to close in early 2016.
Symrise said it expects to integrate Pinova Holdings quickly and to achieve annual synergy effects worth 20 million euros, or $22.5 million at current exchange, by 2020.