Firmenich to acquire DRT from Ardian

11. März 2020

Geneva, Switzer­land – Firmenich announced that it has entered into exclu­siv­ity with Ardian, Tike­hau Capi­tal and family share­hold­ers to acquire Les Dérivés Résiniques et Terpéniques (“DRT”). DRT is a world leader in plant-based chem­istry, mainly from pine trees, and is one of the lead­ing suppli­ers glob­ally of high qual­ity, renew­able ingre­di­ents.

“I am thrilled to bring DRT’s unique capa­bil­i­ties for devel­op­ing sustain­able ingre­di­ents to Firmenich. This proposed combi­na­tion builds on our busi­ness part­ner­ship of more than 30 years and our estab­lished track record of success­ful co-devel­op­­ment in a long-stand­ing joint venture,” said Patrick Firmenich, Chair­man of the Board, Firmenich. “We thank Ardian and Tike­hau Capi­tal for their strong stew­ard­ship and we are delighted to welcome all DRT colleagues to Firmenich. We share the same passion for our customers, sustain­abil­ity, as well as strong family values.”

“Firmenich would be the ideal home for DRT,” said Thibault Basquin, Head of Amer­i­cas Invest­ment and Manag­ing Direc­tor at Ardian Buyout. “I would like to warmly thank Laurent Labatut and his team for our part­ner­ship over the past few years. Ardian has enabled DRT to accel­er­ate its growth, invest in new projects and enhance its sustain­abil­ity approach. Firmenich has been an impor­tant strate­gic part­ner for DRT for many years and would be uniquely posi­tioned to bring DRT’s prod­uct devel­op­ment capa­bil­i­ties to the next level. As a family-owned busi­ness that is commit­ted to inno­va­tion, Firmenich will provide a great envi­ron­ment for DRT’s colleagues.”

Emmanuel Lail­lier, Head of Private Equity at Tike­hau Capi­tal added: “Tike­hau Capi­tal has supported DRT’s growth strat­egy and global devel­op­ment for six years. We are today very pleased to help bring DRT and Firmenich together, which is a key step for the contin­u­a­tion of its devel­op­ment.”

“DRT would further strengthen our lead­ing Perfumery & Ingre­di­ents busi­ness enabling us to offer our customers the world’s best palette of renew­able and sustain­able ingre­di­ents,” said Gilbert Ghos­tine, CEO, Firmenich. “DRT would bring new capa­bil­i­ties in health & nutri­tion, cosmet­ics, as well as a number of new markets, includ­ing adhe­sives, coat­ings and agri­cul­ture. This acqui­si­tion rein­forces our pres­ence in France, which is our second largest market where we have been estab­lished for more than 120 years. I look forward to part­ner­ing with all our customers to support their trans­for­ma­tion for a sustain­able future.”

“We share a long-stand­ing rela­tion­ship with Firmenich as it is one of our main part­ners,” explains Laurent Labatut, CEO of DRT. “Firmenich is renowned for its cutting-edge research that feeds into the broad­est and finest ingre­di­ents palette. Our joint inno­va­tion capa­bil­i­ties would open up new oppor­tu­ni­ties to support our clients across our entire prod­uct port­fo­lio. Together we look forward to open­ing a new chap­ter with a shared ambi­tion to design best-in-class sustain­able ingre­di­ents for our customers.”

DRT is at the fore­front of devel­op­ing sustain­able, renew­able and natu­rally-derived ingre­di­ents from terpenes and rosin deriv­a­tives. DRT offers green alter­na­tives for a range of appli­ca­tions and markets. Founded in 1932 and head­quar­tered in Dax, France, DRT devel­oped a unique, back­ward inte­grated busi­ness model over many decades, includ­ing access to sustain­able raw mate­ri­als, best-in-class extrac­tion and distil­la­tion capa­bil­i­ties and advanced inno­va­tion processes. DRT has been a family-owned company for most of its history and has grown thanks to its commit­ment to long-stand­ing rela­tion­ships with its suppli­ers and its customers.

DRT has a turnover in excess of €550 million, employs more than 1,500 people around the world and is oper­at­ing through a global foot­print with four produc­tion sites located in France, two in the USA, two in India and one in China.

Finan­cial terms of the deal have not been disclosed. The proposed trans­ac­tion remains subject to several condi­tions includ­ing the consul­ta­tion of the rele­vant employee repre­sen­ta­tives and custom­ary approvals by the antitrust author­i­ties.
Firmenich was advised by Gold­man Sachs Inter­na­tional, Raphaël Finan­cial Advi­sory and Bredin Prat. Ardian was advised by Citi­group, Roth­schild & Co, Latham & Watkins and White & Case.

About Firmenich
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 3.9 billion Swiss Francs at end June 2019. More infor­ma­tion about Firmenich is avail­able at

About DRT
Founded in 1932, DRT special­izes in the devel­op­ment of gum rosin and turpen­tine extracted from pine resin. DRT’s head office is located in Dax, France and sells its prod­ucts around the world. DRT has a diver­si­fied prod­uct port­fo­lio of more than 300 ingre­di­ents address­ing a vari­ety of end markets. DRT oper­ates 9 manu­fac­tur­ing facil­i­ties either directly or with joint venture part­ners. More infor­ma­tion about DRT is avail­able at

About Ardian
Ardian is a world-lead­­ing private invest­ment house with assets of US$ 96bn managed or advised in Europe, the Amer­i­cas and Asia. The company is major­ity-owned by its employ­ees. It keeps entre­pre­neur­ship at its heart and focuses on deliv­er­ing excel­lent invest­ment perfor­mance to its global investor base. Through its commit­ment to shared outcomes for all stake­hold­ers, Ardian’s activ­i­ties fuel indi­vid­ual, corpo­rate and economic growth around the world.

Hold­ing close its core values of excel­lence, loyalty and entre­pre­neur­ship, Ardian main­tains a truly global network, with more than 680 employ­ees work­ing from fifteen offices across Europe (Frank­furt, Jersey, London, Luxem­bourg, Madrid, Milan, Paris and Zurich), the Amer­i­cas (New York, San Fran­cisco and Santi­ago) and Asia (Beijing, Singa­pore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of invest­ment exper­tise: Fund of Funds, Direct Funds, Infra­struc­ture, Real Estate and Private Debt. More infor­ma­tion about Ardian is avail­able at

About Tike­hau Capi­tal
Tike­hau Capi­tal is an asset manage­ment and invest­ment group which manages € 25.8bn of assets under manage­ment (as at 31 Decem­ber 2019) and share­hold­ers’ equity of € 3.1 billion (as at 30 June 2019). The Group invests in vari­ous asset classes (private debt, real-estate, private equity, capi­tal markets strate­gies), includ­ing through its asset manage­ment subsidiaries, on behalf of insti­tu­tional and private investors. Controlled by its managers, along­side lead­ing insti­tu­tional part­ners, Tike­hau Capi­tal employs more than 500 staff (as at 30 Septem­ber 2019) in its Paris, London, Amster­dam, Brus­sels, Luxem­burg, Madrid, Milan, New York, Seoul, Singa­pore and Tokyo offices.

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