Close Brothers Private Equity (“CBPE”) announces the sale of Aroma & Fine Chemicals to Octel Corp., a global specialty chemical company for £21m.

This is CBPE’s 6th successful exit this year. The enterprise value of these businesses totals over £250m. Exits include Hillarys Blinds, European Golf Brands, Capital Incentives, Hill & Smith and Motor Auction Leeds. The average return on capital for these 6 investments has been 3.2x original capital invested.

Widnes based Aroma & Fine Chemicals, one of the world’s leading manufacturers of key aroma ingredients for household cleaning products and the agro-chemicals sector, was the subject of a management buyout in December 2001. The management team was led by Steven Pipe, Managing Director.

Aroma’s main product is the fragrance used by manufacturers of household goods including fabric conditioners, detergents and cleaning products and its customers include some of the world’s best-known blue chip multinationals.

The acquisition of Aroma by Octel Corp. further strengthens Octel’s Performance Chemicals division and enables them to expand into the high growth area of additives for the personal care and household cleaning markets.

CBPE partner Iain Slater, who was Non-Executive Director of Aroma and Fine Chemicals, said: “This has been a good investment for us. The management team have established Aroma & Fine Chemicals as a market leader in the manufacture of key aroma ingredients and has secured long-term relationships with every major flavours and fragrances manufacturer globally. Their performance has been excellent.”

“Aroma is a good example of how a plant integrated within a large multinational organisation can be turned into a highly successful standalone business, whilst at the same time fulfilling the vendor’s objective of rationalising overseas production facilities. CBPE is always keen to back buyout opportunities such as this.”

“We wish Steven and everyone at Aroma the best of success in the future.”

Steven Pipe, Managing Director of Aroma & Fine Chemicals, commented: “This is an extremely exciting opportunity for Aroma & Fine Chemicals. For the past two and a half years we have had excellent support from Close Brothers Private Equity, which has enabled us to build a strong foundation for our business. Looking to the future, Octel will be able to provide the support and expertise to help us build on our existing strengths and help with our plans for future growth. This is a very positive outcome for our employees, customers and suppliers."


The management of Aroma and Close Brothers Private Equity were advised by Deloitte Corporate Finance in Manchester.

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For more information contact:

Close Brothers Private Equity
Iain Slater
Tel: +44 (0) 20 7065 1133
Or email: iain.slater@cbpel.com

This press release has been issued by Close Brothers Private Equity LLP.