Mane, a French producer of fragrances and flavourings, has just completed the acquisition of Avoca from the American company Ashland Inc. Here is an analysis from the experts at AURIS Finance, a merger and acquisition consultancy.
The transaction was completed in mid-March. Mane, a French company specialising in flavourings and fragrances, has acquired the Avoca division from Ashland Inc., a US company specialising in additives and ingredients for pharmaceuticals, personal care and agriculture. While the financial terms of the transaction have not been disclosed, the sale includes production facilities and associated personnel.
A French family business
This strategic acquisition is a significant step in the French group’s ongoing growth and expansion. The company was founded in 1871 by Victor Mane, and has grown to become a major player in the flavouring and fragrance industry over the centuries. While the company’s headquarters remain in Bar-sur-Loup, in the hills above Grasse in the Provence-Alpes-Côte d’Azur region, the group now operates in 39 countries. Mane’s 2024 revenue is estimated at €1.77 billion, derived from 28 production sites and 50 R&D centres. With 10% of its revenue allocated to innovation, the group is now the leading French company in the fragrance and flavouring industry and the seventh largest group worldwide. Mane, which employs 8,000 people, retains its family character. The company is now under the management of the fourth generation of the Mane family.
Gradual disposal
Avoca, a division of Ashland Inc., is a leading producer of sclareolide, a fixative used in the fragrance industry. It offers custom manufacturing services from its two sites in North Carolina and Wisconsin. Acquired from Pharmacen, Avoca is the last remaining asset of Ashland’s previous acquisition. The group has progressively divested its Pharmacen assets in order to concentrate its efforts on its priority segments. Ashland Inc. is a leading provider of pharmaceutical excipients, cellulose polymers, controlled release agents, and film coatings used in solid and injectable pharmaceutical formulations. The group also operates in the personal care sector, offering hair, skin and sun care products, as well as antimicrobials. The American company is active in around 100 countries and reported revenue of $2.1 billion for 2024.
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The acquisition of Avoca will strengthen Mane’s position in fragrance fixatives and expand its production capabilities in the United States. This transaction forms part of Mane’s growth strategy, which aims to consolidate its global presence while meeting the growing demand for natural and sustainable ingredients. The global fragrance market is expected to experience significant growth in the coming years. According to forecasts by Mordor Intelligence, the market is expected to grow at an annual rate of 6.34% until 2029. The sector is undergoing significant changes driven by technological innovations and new consumer expectations. Individual customers are particularly discerning about the sourcing of ingredients and the control of environmental impacts. In order to address these challenges, industry leaders are seeking to acquire specialists with innovative technologies. New mergers and acquisitions could take place in the coming months. AURIS Finance’s sector-specialised experts will provide comprehensive support throughout your sale or acquisition process.
