IFF acquire Canadian cosmetics ingredients firm Lucas Meyer Cosmetics

IFF to acquire Canadian cosmetics ingredients firm Lucas Meyer Cosmetics

2:48 PM, 13th June 2015
IFF to acquire Canadian cosmetics ingredients firm Lucas Meyer Cosmetics
Andreas Fibig, chairman and CEO, IFF. (File photo)

NEW YORK, US: International Flavors & Fragrances Inc said that it has offered to acquire Lucas Meyer Cosmetics, a company that develops, manufactures and markets ingredients for the cosmetics and personal care industry. IFF will pay approximately €283 million. The transaction, which will be funded from existing resources, is expected to add revenues of approximately €40 million on an annualized basis, it said.

The transaction is structured as a binding offer in order to allow the seller to consult with its French works council prior to entering into the final purchase agreement. The acquisition is expected to close in the third quarter of 2015.

The Quebec City, Canada-headquartered Lucas Meyer Cosmetics, a business of Unipex Group, with operations in France and Australia, offers proprietary active & functional ingredients and delivery systems in the beauty industry in both the developed and emerging markets.

“The acquisition aligns well with our strategic growth initiative to strengthen and expand our portfolio. Lucas Meyer Cosmetics has a successful track record of delivering double-digit compounded annual sales growth since 2011 in a very attractive industry,” said Andreas Fibig, chairman and CEO, IFF.

“This acquisition would combine our fragrance expertise, global commercial network, leadership in natural ingredients, and unique R&D pipeline with Lucas Meyer’s research and cosmetics ingredients innovation. This will strengthen our product offerings in the very attractive skin care and hair care segment,” said Nicolas Mirzayantz, group president fragrances, IFF.

“We believe IFF is the preferred partner for Lucas Meyer Cosmetics’ future development while preserving the continuity of the world-class, innovative and market-driven cosmetic ingredient expertise built over the years by our dedicated and loyal employees,” said Antonio Lara, vice president and general manager, Lucas Meyer Cosmetics.

Morgan Stanley & Co is acting as financial advisor and Cleary Gottlieb Steen & Hamilton LLP is acting as legal advisor to IFF.

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