Agilex Flavors and Fragrances, a portfolio company of Nautic Partners LLC, announced today that it has sold its flavor division, Key Essentials, Inc., to Kerry Group plc. Terms of the transaction were not disclosed. Key is a manufacturer of high quality sweet and fruit flavors to an established customer base of leading food and beverage manufacturers across multiple end markets with a focus on health and wellness. The Company has developed longstanding customer relationships and a strong market position with industry-leading R&D capabilities including flavor-masking technologies, high levels of customer service and a state-of-the-art manufacturing platform.
Tom Lamb, CEO of Agilex, said “Key has grown very quickly over the past several years and has benefited from the positive trends in the health and wellness industry. Kerry is inheriting an excellent business with attractive growth prospects. We are pleased with the transaction and now look forward to focusing on the continued success of our Fragrance business.”
Agilex, based in Upper Saddle River, NJ, was formed in collaboration with Nautic through the integration of six well-established companies, known for their exceptional flavor and fragrance products, proprietary technologies and exemplary service. After the divestiture of Key, Agilex will continue to operate and invest in its larger business, Agilex Fragrances, which develops, manufactures and markets fragrance compounds for customers in a variety of end markets including the personal care, air care and select industrial markets. Agilex has a longstanding history of innovation and excellence in the fragrances industry dating back to the early 1990s.
Kerry Ingredients & Flavours is a global division of Kerry Group and leading global supplier to the food and beverage industry. Kerry develops, manufactures, and delivers technology-based ingredients, flavors and integrated solutions and leverages end-use market application expertise to help customers grow their businesses.
The purchase price was not disclosed. Houlihan Lokey’s Food & Beverage Group served as the investment banker for Agilex and the law firm of Edwards, Angell Palmer & Dodge LLP represented Agilex.