Firmenich Reaches Agreement to Take a Minority Stake in Robertet
Geneva, Switzerland, September 26, 2019 – Firmenich, the world’s largest privately-owned Perfume and Taste Company, has reached an agreement with First Eagle Investment Management to acquire the stake held by its advisory clients in Robertet, representing approximately 17% of the share capital1 at a price of €683.30 per security.2
“Firmenich has the greatest respect for Robertet, with its family values, long term vision of the industry and leading capabilities in natural ingredients,” said Patrick Firmenich, Chairman of the Board of Firmenich. “As a long-term oriented shareholder, this investment reflects Firmenich’s commitment to best support Robertet’s continued growth.”
“With its strong naturals portfolio in Perfumery, Flavors and Ingredients, Robertet is well positioned to benefit from consumers’ continued demand for authentic natural products,” said Gilbert Ghostine, CEO, Firmenich. “This investment is fully in line with our vision for sustainable and natural solutions.”
Firmenich is prepared to be a passive long-term shareholder of Robertet alongside the Maubert Family. Firmenich is also open to having friendly discussions for a larger participation or establishing a broader collaboration to support the long-term success of the company. Should it be invited to do so, Firmenich may also consider taking a controlling interest in Robertet.
Firmenich has filed a declaration of crossing of thresholds and statement of intent with the AMF in accordance with applicable regulations.
Firmenich is the world’s largest privately-owned perfume and taste company, founded in Geneva, Switzerland, in 1895. Driven by its purpose to create positive emotions to enhance wellbeing, naturally, Firmenich has designed many of the world’s best-known perfumes and tastes, bringing delight to over four billion consumers every day. Renowned for its world-class research and creativity, as well as its leadership in sustainability, each year, Firmenich invests 10% of its turnover in R&D to understand and share the best that nature has to offer responsibly. Firmenich had an annual turnover of 3.7 billion Swiss Francs at end June 2018. Firmenich is present since more than 80 years in France, its second largest market in the world. Firmenich France employs more than 400 people across 4 sites including Firmenich global headquarters for fine fragrances in Paris, and its global center of expertise in natural ingredients in Grasse.
1 Consisting of 303,875 shares and 97,305 investment certificates
2Subject to agreed upon adjustments should Firmenich file a tender offer or otherwise acquire or sell shares of Robertet within 12 months