Speciality chemicals supplier Azelis is to acquire a majority stake in Ashapura Aromas, a leading distributor of ingredients in the flavours & fragrances (F&F) market in India.
Founded in 2003 and headquartered in Mumbai, Ashapura represents more than 225 principals with well-established partnerships and serving over 900 customers globally.
Ashapura’s 100-plus employees will join Azelis, along with founders and owners Ajaykiran and Nayan Gudka, who will remain to lead the business post-integration.
The transaction is expected to close before the end of the third quarter, after fulfilment of customary closing conditions.
Azelis said Ashapura’s extensive product portfolio strategically complements the group’s lateral value chain in the fast-growing F&F market segment, strengthening the offering and technical expertise Azelis provides to customers.
“Acquiring a majority stake in Ashapura is an important element of our global growth strategy that completes our F&F offering across all regions following the group’s acquisitions of Vigon and Quimdis, and allows us to become a market leader in the F&F industry with Ashapura as the cornerstone of our F&F platform in Asia Pacific,” said Azelis CEO Dr. Hans Joachim Müller.
Lincoln International, Quillon Partners and Cedge Ventures Private Limited acted as investment, legal, financial, and tax advisors for Ashapura and its promoters in relation to this transaction.
Trilegal and KPMG acted as legal, financial, and tax advisors for Azelis in relation to this acquisition.