Baltimore-based Tilley Company, Inc., a portfolio company of SK Capital Partners, announced a merger with Phoenix Aromas and Essential Oils.
Phoenix is a leading global distributor of high-quality flavor and fragrance ingredients and compounds, serving the food and beverage, personal care, pharmaceutical, air care, and fragrance markets.
The combination of Tilley and Phoenix creates a world-class supplier of high-quality ingredients to better serve new and existing customers with state-of-the-art laboratories, an experienced regulatory and technical support team, and a global sales and customer service staff, the Company stated.
The combined entity greatly enhances Tilley’s existing product portfolio of value-added ingredients for applications in regulated markets. As experts in flavor and fragrance ingredients, Phoenix offers global market expertise, regulatory support, and just-in-time inventory supported by a global network of sales offices and warehouses.
“The merger of Tilley and Phoenix brings together two dynamic and talented teams; both companies share complementary core values and strategic vision, and are fully committed to maintaining the very highest levels of quality, safety, and customer service,” said Jean-Paul Benveniste, President and CEO of the new organization.
Tilley-Phoenix Group, led by existing management, represents one of the largest and most well-diversified suppliers of flavor, fragrance, and food ingredients in North America, enhancing the value presented to both suppliers and customers.
“Phoenix brings a high level of expertise to the flavor and fragrance markets by employing highly technical laboratory services and rigorous quality control measures. These high-touch services, when combined with reliable supply chain planning and strong supplier relationships, make the combined company a best-in-class source for specialty ingredients,” said Sean Tilley, COO and President.
As requests for sustainable and natural ingredients continue to grow, Phoenix remains committed to sourcing and distributing a high-quality portfolio of natural flavor and fragrance ingredients. The addition of Phoenix expands Tilley’s presence in sustainable ingredients, creating a leading offering of bio-based products derived from plant-based natural materials.
“Looking forward, Tilley-Phoenix Group plans to continue its pursuit of selective M&A focused largely on specialty products sold into regulated markets. We continue to focus on expanding the value-added platform, seeking targeted opportunities to enhance the value, quality, and breadth of solutions we bring to both customers and suppliers,” added Randy Dearth, Senior Director at SK Capital.
Kirkland & Ellis LLP acted as legal counsel to Tilley Company and committed debt financing was led by Madison Capital Funding LLC.