Speciality chemicals firm Croda acquires Spanish firm in £736m deal

Speciality chemicals firm Croda has announced the acquisition of Iberchem, a Spanish fragrances and flavours business, in a deal worth around £736m.
Steve Foots is the CEO of Croda.Steve Foots is the CEO of Croda.
Steve Foots is the CEO of Croda.

Iberchem has been majority owned by Eurazeo since 2017. The business was founded in 1985 and is headquartered in Murcia, Spain.

In August 2020, it had approximately 850 employees, 14 manufacturing facilities, 10 research and development centres and a commercial presence in 120 countries.

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Approximately 80 per cent of its sales are fragrances for personal care and home care products, areas where it has a similar customer profile to Snaith-based FTSE 100 company Croda.

A further 20 per cent of sales are generated by its Scentium flavours business, principally for food, pharmaceutical and oral care applications.

Steve Foots, CEO of Croda, said: "Our expansion into the fast-growing fragrances and flavours market further increases our exposure to consumer care markets and adds another exciting growth adjacency to Croda's market-leading position.

"We have known Iberchem's team for many years and their business is highly compatible with Croda's. Iberchem stands out with its significant exposure to emerging markets, extensive product portfolio well placed to adapt to sustainability trends, strong customer focus and research and development capability, and 10 year track record of consistent year-on-year growth.

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"By bringing our businesses together, we are creating a new, full service offering to our customers in consumer care markets and a compelling platform from which to grow the combined business in the years ahead. We look forward to welcoming our new colleagues to Croda and leveraging our respective networks and expertise."

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