Symrise AG (ETR: SY1) has reached an agreement to acquire natural ingredients producer Pinova Holdings Inc. from private equity firm TorQuest Partners for $417 million.
Symrise is paying $397 million in cash up front for Pinova. The target may receive an additional $20 million earn-out payment within 12 months. Pinova, based in Brunswick, Georgia, makes ingredients that are derived from raw materials, such as natural wood, that are used in fragrances and oral-care products. The target boasts annual Ebitda of about $37 million and $287 million in sales.