MidOcean Partners Announces Agilex Fragrances Acquires Oriental Aromatics Inc.
February 3, 2014
New York – MidOcean Partners (“MidOcean”), a premier middle market private equity firm, is pleased to announce that on February 3, 2014 Agilex Fragrances has acquired the North American assets of Oriental Aromatics Inc. A purchase price was not disclosed. This strategic combination will enhance Agilex’s leadership role as the leading middle market fragrance company in the US, while adding new capabilities that broaden its customer base, according to Agilex executives.
Oriental Aromatics Inc. was established in 2003 as a wholly owned subsidiary of Oriental Aromatics Ltd (India). Founded by Mr. Keshavlal Bodani in 1955, Oriental Aromatics Ltd. is a family owned and managed company, passed down through three generations of Bodanis.
“This melding of Agilex Fragrances and the Oriental Aromatics Inc. business creates an interesting new value proposition for many North American customers,” said Agilex CEO Ray Hughes.
Dharmil A. Bodani, managing director of Oriental Aromatics, Ltd. commented, “Agilex’s combination of large company resources and small company values makes it the perfect partner to take over our operations as we exit the North American compound fragrance market.”
Agilex Fragrances has manufacturing facilities in Branchburg, NJ, Canton, GA and Zhaoqing, China along with a creative center in Piscataway, NJ. Oriental Aromatics Inc.’s Fairfield, NJ operations will be absorbed into these existing Agilex facilities, while key members of the Oriental Aromatics Inc. management, sales, marketing and technical team will be retained. Agilex Fragrances’ management has also expressed a strong desire to transition a number of the current staff of Oriental Aromatics Inc.
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About Agilex Fragrances
Headquartered in Piscataway, New Jersey, Agilex is the leading provider of fragrance compounds and delivery systems in the middle market. The Company possesses leading creative and technical capabilities for the customers it serves, which are primarily manufacturers of air care, personal care, industrial and institutional and household products throughout the United States. Additional information about Agilex is available at www.agilexfandf.com.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
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