December 21, 2010

Pinova Holdings Acquires LyondellBasell Flavors & Fragrances, LLC

Pinova Holdings, Inc. (“Pinova Holdings”), the parent company of Pinova, Inc. (“Pinova”), today announced that it has acquired LyondellBasell Flavors & Fragrances, LLC (“LBFF”) from LyondellBasell.

LBFF renamed Renessenz, well positioned for continued growth 

Brunswick, GA and Jacksonville, FL – Pinova Holdings, Inc. (“Pinova Holdings”), the parent company of Pinova, Inc. (“Pinova”), today announced that it has acquired LyondellBasell Flavors & Fragrances, LLC (“LBFF”) from LyondellBasell. LBFF has more than 400 customers in 48 countries and is one of the world’s largest producers of terpene flavor and fragrance ingredients derived from natural and renewable raw materials. Pinova is a leading global supplier of wood and gum rosin and polyterpene resin specialty chemicals derived from natural and renewable raw materials. Together, the combined companies will have sales of more than US$250 million and about 450 employees.

We are very pleased to welcome LBFF into the Pinova family,” said David Bookbinder, Executive Chairman of Pinova Holdings. This is an excellent business with a long history of successful innovation, industry leading customers, a broad array of products, and experienced and dedicated employees. We plan to invest in LBFF and its people, just as we have done with Pinova, with the aim of generating growth by delighting our customers through innovation and outstanding service. We believe that LBFF is a great strategic fit including a similar natural and renewable raw material platform. In addition they embrace our commitment to community and employee involvement, safety and environmental responsibility.”

LBFF will proudly take on its new name, Renessenz, and will operate as an independent, sister company to Pinova. With manufacturing facilities and offices in Jacksonville, Florida and Brunswick, Georgia, Renessenz will continue to be led by its current management team. For more information about Renessenz, visit www​.renessenz​.com.

This is a very positive transaction for our employees, suppliers, customers and other stakeholders,” said Michael Wimberly, Vice President, Flavors and Fragrances, LyondellBasell Industries. We are excited by this opportunity to grow our business and to continue to provide outstanding services to our global customer base. Pinova and Renessenz have strong business and personal relationships today and we look forward to growing with them.”

Pinova Holdings is a portfolio company of TorQuest Partners, a leading Canadian private equity firm. Matthew Chapman, a Partner at TorQuest, said: TorQuest originally invested in Pinova as a platform for growth in the specialty chemical sector. The acquisition of Renessenz represents the next step in that strategy. We believe Renessenz is well positioned to grow as a leading, global provider of flavor and fragrance ingredients derived from natural and renewable materials. We have been deeply impressed by the management team and we are committed to investing in the business and its people so that it can continue to grow and serve the flavor and fragrance and specialty chemical needs of its customers. Combining two industry-leading companies in the specialty chemical sector provides an outstanding opportunity to build a great company that is positioned for long term growth and value creation.”

Since we invested in Pinova earlier this year, we have seen the business grow considerably, thanks to the hard work and commitment of its employees. TorQuest will continue to assist Pinova Holdings in implementing its growth strategy including pursuing further acquisition opportunities on a global basis,” added Mr. Chapman.

About Pinova, Inc. 

Pinova, Inc. manufactures and supplies specialty chemicals globally to over 200 customers in the food, beverage, personal care, adhesive, construction and agriculture industries. Pinova is the world’s largest producer of refined wood rosin from natural and renewable pine stumpwood. Pinova’s supply chain of domestic pine stumpwood provides excellent security of supply. Pinova also is a major producer of polyterpene resins derived from crude sulfate turpentine (CST) and citrus d‑limonene. Pinova’s energy platform is largely from renewable biomass which generates a smaller carbon footprint than fossil fuel alternatives. For more information, visit www​.pino​va​so​lu​tions​.com.

About TorQuest Partners 

Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$700 million of equity capital under management TorQuest seeks to pursue investments in middle market companies with the goal of working in close partnership with management to build value. To learn more about TorQuest Partners, visit www​.torquest​.com.