Symrise Will Buy Pinova

Symrise, a German flavors and fragrances firm, has struck a deal to buy the pine-derived chemicals maker Pinova Holdings from its private equity parent TorQuest Partners for $397 million plus a later payout of up to $20 million. TorQuest created the firm in 2010 by acquiring a pine chemicals business from Ashland and a pine-based flavor and fragrance business from LyondellBasell Industries. The two deals cost TorQuest $225 million. In 2014, Pinova had sales of $287 million and operating profits of $37.4 million. It runs plants in Georgia and Florida. TorQuest spruced up Pinova by aiming at high-margin fragrance and food ingredient markets. Pinova also offers ingredients that create a cooling effect in food and personal care products and makes resins for adhesives, coatings, and high-performance concrete. The addition of Pinova will boost Symrise’s aroma molecules business, says Symrise CEO Heinz-Jürgen Bertram, who notes the increasing importance of renewable raw materials for the fragrance industry.