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.