December 2 2021, David R Brown
Tilley Company completes merger with Phoenix Aromas and Essential Oils to form Tilley-Phoenix Group
SK Capital portfolio company Tilley Company (Tilley), a US based distributor and service provider of specialty ingredients, has merged with with Phoenix Aromas and Essential Oils (Phoenix), a US-based distributor of flavour and fragrance ingredients and compounds, serving the food and beverage, personal care, pharmaceutical, home care and fragrance markets.
The merger of Tilley and Phoenix brings together two dynamic and talented teams
Jean-Paul Benveniste
President and CEO of the new Tilley-Phoenix Group
Founded in 1994, Norwood, New Jersey‐based Phoenix Aromas and Essential Oils is a value-added flavor and fragrance ingredients distributor offering product, regulatory, and supply chain solutions across food and beverage, personal care, pharmaceutical, air care, and fragrance markets. The Company offers a comprehensive line of flavor and fragrance ingredients across aroma chemicals, essential oils, natural aroma chemicals, absolutes, and oleoresins. Phoenix retains an industry-leading regulatory team operating from state-of-the-art QA/QC laboratories globally.
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 located in North America, United Kingdom, China and Brazil.
“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.
Committed debt financing for the deal was led by Madison Capital Funding LLC and the combined business will be rebranded as the Tilley Phoenix Group.
“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.
About Tilley Company
Founded in 1952, Tilley Company is a global supply chain partner committed to delivering high-quality products and value-added services to partners across multiple industries. The Tilley Company is made up of Tilley Ingredients & Specialties, active in the U.S. food, pharmaceutical, personal care, fragrance and HI&I industries and Tilley Lubricants. In addition to these two divisions, the company also offers custom blending and packaging and R&D lab services. In 2020 Tilley Company had revenues of USD 115.9M million and employs more than 100 people across its two facilities in Maryland.
Source(s): Tilley Company Press Release