Toronto, Ontario – TorQuest Partners today announced the signing of a definitive agreement to sell Pinova Holdings, Inc. ("Pinova Holdings") to Symrise AG, a global supplier of fragrances, flavors cosmetic active ingredients and raw materials as well as functional ingredients for total consideration of US$ 417 million.
The pending transaction is subject to regulatory approval and customary closing conditions and is expected to close in the beginning of 2016. Pinova Holdings is a global leader in specialty chemicals manufactured from natural and renewable feedstocks. Through its two operating companies, Pinova, Inc. and Renessenz LLC, Pinova Holdings provides proven, high-quality products to market leading customers around the world. Headquartered in Brunswick, GA, Pinova Holdings operates three manufacturing facilities located in the southeastern United States.
"Pinova Holdings' success over the past five years is the result of the company's commitment to market leadership and innovation, and the hard work and expertise of the company's talented and dedicated employees," said TorQuest Partner Matt Chapman. "Pinova Holdings has been an outstanding investment for TorQuest, and we are grateful to all of the stakeholders who contributed to this success." Brent Belzberg, Managing Partner at TorQuest, added, "The sale of Pinova Holdings continues TorQuest Partners' long track record of successful investment in the chemical industry."
Ted Butz, CEO of Pinova Holdings said, "TorQuest has been an ideal partner for us as we have built and grown Pinova Holdings. Their commitment to investing in the business and its people has provided Pinova Holdings with a solid platform for continued growth and success."
Since acquiring Pinova from Ashland Inc. in January 2010, TorQuest has made significant investments in people and in the manufacturing facilities to support the future growth and development of the business. Recognizing the considerable growth opportunities that exist in the production and marketing of specialty chemicals derived from natural, renewable resources, TorQuest established Pinova Holdings in 2010 to help facilitate and integrate future acquisitions. In December 2010, Pinova Holdings acquired Renessenz from LyondellBasell Industries to capitalize on the company's strong market position in flavour and fragrance ingredients derived from renewable and sustainable natural feedstocks. Pinova enjoys strong long-term customer relationships with global leaders in the flavour and fragrance and consumer goods markets and is well-positioned for continued growth and success under Symrise's ownership.
Pinova Holdings and its shareholders were advised by Jefferies LLC, Jones Day and Stikeman Elliott LLP.
About TorQuest Partners
Founded in 2002, TorQuest Partners, is a Canadian-based manager of private equity funds. With more than C$1 billion of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, visit www.torquest.com.