New stage in the design and production of fragrances company Eurofragance. The Sabatés family, founder of the company recovers 100% stake in the company, which in 2013 had a turnover of 49.7 million euros growing by 16%. The Sabatés have agreed to purchase the 25% stake held by Aurica XXI.
Aurica XXI entered the Catalan Company in 2010 through a capital increase in order to help boost the company’s growth. Since then, the company based in Rubí (Vallès Occidental) has easily doubled in size, from a revenue of 22 million in 2009 to 50 million in 2014.
Aurica XXI will obtain capital gains of 15 million with this transaction taking into account the initial capital paid, dividends received over the years and the money they will now receive for their 25% stake “Aurica XXI has earned a return of almost three times the initial investment,” explained one of the sources. “It’s a very good operation for Aurica and also good news for Eurofragance a company who is doing great” he says.
The company directed by Santiago Sabatés focuses on designing and manufacturing fragrances that are used in the manufacture of perfumes, cosmetics, personal care products and household cleaning industry. This is a highly internationalized company, with presence in more than 60 countries with subsidiaries in Turkey, Dubai, Singapore and Mexico, which also owns a production plant. In 2013, 86.6% of the revenue came from outside the European Union; with a strong presence of the company in Middle East, which is the bulk of turnover.
Eurofragance employs more than 200 people, the matrix of the company earned 4.66 million in 2013, which is a decrease of 22%. Of this number, 2.6 million were allocated to dividends, representing 56% unpay out.
To address this new stage, Eurofragance just reinforced its management team with Antoine de Riedmatten, an executive with 28 years of experience in the sector that has been appointed as Global Head of Sales. Coming from the company Firmenich, De Riedmatten has been incorporated in order to “increase international sales and improve the customers service.”