Swiss fragrance and flavour company Firmenich has entered into an agreement with Ardian, Tikehau Capital and family shareholders to acquire Les Dérivés Résiniques et Terpéniques (DRT), a supplier of renewable ingredients.

Established in 1932, DRT develops renewable and naturally derived ingredients from terpenes and rosin derivatives. It offers green alternatives for a wide array of applications and markets.

With a workforce of more than 1,500 people worldwide, DRT operates production facilities in the US, France, India and China.

Firmenich board chairman Patrick Firmenich said: “This proposed combination builds on our business partnership of more than 30 years and our established track record of successful co-development in a long-standing joint venture.

“We thank Ardian and Tikehau Capital for their strong stewardship and we are delighted to welcome all DRT colleagues to Firmenich. We share the same passion for our customers, sustainability, as well as strong family values.”

None of the parties involved has divulged any financial details.

Closure of the deal requires the consultation of relevant employee representatives and approval from the antitrust authorities.

DRT CEO Laurent Labatut said: “We share a long-standing relationship with Firmenich as it is one of our main partners.

“Firmenich is renowned for its cutting-edge research that feeds into the broadest and finest ingredients palette.

“Our joint innovation capabilities would open up new opportunities to support our clients across our entire product portfolio. Together we look forward to opening a new chapter with a shared ambition to design best-in-class sustainable ingredients for our customers.”

Goldman Sachs International, Raphaël Financial Advisory and Bredin Prat served as advisers to Firmenich for this deal.

Citigroup, Rothschild & Co, Latham & Watkins and White & Case advised Ardian.