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By
AFP
Translated by
Isabelle Crossley
Published
Nov 19, 2020
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Eurazeo to sell its stake in perfume business Iberchem

By
AFP
Translated by
Isabelle Crossley
Published
Nov 19, 2020

On Wednesday, investment company Eurazeo announced that it has reached an agreement with UK-based chemicals group Croda to sell the group its 54.9% stake in Spanish fragrance producer Iberchem at a valuation of €820 million ($971.3 million).


Iberchem


The transaction between Eurazeo and Croda is expected to be finalised by the end of 2020, according to a press release. The proceeds from the deal amount to €384 million for Eurazeo and €181 million for its partners. 
 
“Thanks to its strategic positioning, the company has combined organic growth of 15% a year in terms of its annual turnover over the past 10 years and targeted external growth with the support of the Eurazeo network, notably in China and in Malaysia,” said Eurazeo, which took a stake in he business in July, 2017.

In 2019, Iberchem, which is headquartered in Murcia, reported a turnover of €174 million. 
 
“Iberchem perfectly illustrates Eurazeo Capital’s investment strategy which is aimed at selecting and supporting the development of businesses with strong potential, operating in markets with solid growth fundamentals then identifying the most strategic buyers who will ensure the future of the company,” said Eurazeo.
 
The investment firm manages €18.8 billion worth of diversified assets through a portfolio of 430 businesses in which it is involved. 
 
In 2021 and 2022, the group plans to accelerate its asset disposal programme, notably due to the deterioration of activity in the businesses in its portfolio positioned in the travel and leisure sectors, which are currently being severely affected by the pandemic. 
 

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