Firmenich, a privately-owned fragrance and taste company, has entered into a strategic partnership with Essential Labs, LLC, a B2B supplier of fragrance solutions supporting entrepreneurial, independent businesses in the premium home segment. As part of this partnership, Firmenich will acquire a significant non-controlling interest in Essential Labs, LLC.
“I am thrilled that we are partnering with Essential Labs LLC, combining our unique knowhow and shared spirit of innovation for the benefit of entrepreneurs,” said Patrick Firmenich, Chairman of the Board. “We share a common vision, values and commitment to providing customers with service tailored to their needs.”
“This partnership is an exciting step for Firmenich that will enable us to bring our unique capabilities in science and our leading palette of natural, renewable and sustainable ingredients to the dynamic community of entrepreneurs in the United States and beyond,” said Firmenich CEO Gilbert Ghostine.
Firmenich President of Global Perfumery Ilaria Resta added, “We have always supported businesses large and small, and Essential Labs, LLC is a great partner to help bring Firmenich capabilities and innovation to an even broader community. We look forward to working with Essential Labs, LLC to support entrepreneurs on their journey to build the brands of tomorrow.”
Like Firmenich, Essential Labs, LLC is a family-owned business. Essential Labs, LLC’s founders will continue to lead the company together with their colleagues.
The acquisition of the stake in Essential Labs, LLC will be funded through Firmenich’s existing cash reserves. The transaction remains subject to customary conditions, including regulatory approval, and is expected to close before the end of September 2021.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.