<article><a href="http://dealstreetasia.com/tag/blackstone" target="_blank" rel="noopener">Blackstone Group</a>-backed <a href="http://dealstreetasia.com/tag/sh-kelkar" target="_blank" rel="noopener">SH Kelkar &amp; Company Ltd</a> is acquiring Italian fragrance firm Creative Flavours and Fragrances (CFF) S.p.A.</article>

<a href="http://dealstreetasia.com/tag/blackstone" target="_blank" rel="noopener">Blackstone Group</a>-backed <a href="http://dealstreetasia.com/tag/sh-kelkar" target="_blank" rel="noopener">SH Kelkar &amp; Company Ltd</a> is acquiring Italian fragrance firm Creative Flavours and Fragrances (CFF) S.p.A.
According to a stock exchange filing, the fragrance and flavour maker has received board approval to initially acquire 51 per cent stake for around 12 million euros ($14.7 million).
The remaining stake will be acquired within three years and the deal consideration will depend on CFF’s business performance.
The Mumbai-based company plans to fund the entire acquisition through its internal accruals.
Headquartered in Milan, CFF is a leader in the production and distribution of fragrances in Italy. CFF’s products are sold in more than 32 countries with a presence in Europe, West Asia and Africa.
The acquisition is in line with S.H. Kelkar&#8217;s growth strategy to expand its international presence, and build talent in the focused categories of fine fragrance and fabric care, the company said in a statement.
Founded in 1922, S.H. Kelkar has four manufacturing facilities, three of which are located in India (Mumbai, Vapi and Raigad) and one in the Netherlands.
Its fragrance products and ingredients are used as raw material in personal washes, fabric care, skin and hair care, fine fragrances and household products. The company’s flavours are used in baked goods, dairy products, beverages and pharmaceutical products. The company exports fragrances to 52 countries and flavours to almost 15 countries.
In September last year, the company received its board’s approval to buy <a href="http://dealstreetasia.com/tag/vn-creative" target="_blank" rel="noopener">VN Creative Chemicals Pvt. Ltd (VNCC)</a>, a Mumbai-based company engaged in aromatic chemicals, for an undisclosed amount.
Prior to that in 2016, it had bought the flavours division of Gujarat Flavours Pvt. Ltd for Rs 14.5 crore ($2.1 million), one of its distributors Rasiklal Hemani Agencies Pvt. Ltd, for Rs 30 crore ($4.48 million), and flavours division of Mumbai-based High-Tech Technologies Pvt. Ltd for Rs 28.6 crore ($3.7 million).
“The acquisition further reinforces company’s vision to emerge as one of the top 15 global players within the next decade,” the company said. &#8220;The F&amp;F [flavour and fragrance] sector continues to hold huge promise for us. We are already witnessing increasing demand from our customers and are on track to deliver better performance in H2FY18.&#8221;
CFF’s revenue from its core fragrance business stood at 13.4 million euros in the calendar year 2016 and 12.4 million euros in 2015.
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<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/71824-71824/" target="_blank" rel="noopener">India: Blackstone sells 7.5% in fragrance maker SH Kelkar for $52m</a>

Blackstone Group-backed SH Kelkar & Company Ltd is acquiring Italian fragrance firm Creative Flavours and Fragrances (CFF) S.p.A.

India: Blackstone-backed SH Kelkar buys Italian firm Creative Flavours

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India: Blackstone-backed SH Kelkar buys Italian firm Creative Flavours

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