Close Brothers Private Equity Backs Purchase by Aroma & Fine Chemicals MBO of International Flavors & Fragrances United Kingdom Business

“THE SWEET SMELL OF SUCCESS”

Close Brothers Private Equity (“CBPE”) and International Flavors & Fragrances Inc. (NYSE:IFF) announced today that CBPE has acquired IFF’s fragrance aroma chemicals business in Widnes, Cheshire. CBPE made the acquisition together with the Widnes management. The newly independent company will be known as Aroma & Fine Chemicals Ltd. (“A&FC”).

A&FC, which has an annual turnover of £20 million and 80 employees, is located on the site at Widnes that was occupied by Bush Boake Allen Ltd. for 40 years prior to its 2000 acquisition by IFF. Aroma chemicals produced at the company’s state-of-the-art manufacturing plant are the basic building blocks in the creation of fragrances used in a wide variety of household and personal care products and designer fragrances. The business serves a large international client base of consumer products companies and fragrance manufacturers.

Steven Pipe, A&FC’s Managing Director, said: “For our partners and customers, the key word is continuity. The aim at A&FC is to build on the strength and long pedigree that we have inherited. In our new, self-propelled role, we will be well placed to exploit the excellent skills of our workforce, our flexible, high-tech manufacturing plant and the global market for our products.”

CBPE partner Iain Slater, who will join the A&FC board as a non-executive director, added: “Close Brothers is investing in an established business with a strong position in the international fragrance market. Steven Pipe and his management team are leading a highly skilled and enthusiastic workforce and we look forward to developing A&FC’s core business and expanding into new niche markets.”

CBPE and the management team were advised by a team from Ernst & Young Corporate Finance, led by Steve Stuart.

Terms of the transaction were not disclosed.

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This press release has been issued by, Close Brothers Private Equity Limited. Close Brothers Private Equity Limited is regulated by the FSA.

The above information is not to be regarded as an offer to sell, or a solicitation of an offer to buy any security. Where information has been obtained from outside sources, it is believed to be reliable, but is not represented to be accurate or complete.