Nordic private equity firm EQT has sold its remaining stake in German flavours and fragrance maker Symrise, taking its total realisation from the investment to more than €1 billion.
EQT retained a 15.9 percent stake after Symrise’s initial public offering in December 2006. This has now been sold for an estimated €384 million.
Symrise has risen 22 percent in value from its initial offer price of €17.25 per share. Its shares closed on €21.00 yesterday, giving the business a market capitalisation of €2.4 billion.
The company’s initial public offering last year was Germany’s biggest private equity exit in 2006. It raised €1.4 billion, of which EQT and its co-investors pocketed about €750 million.
Altogether EQT has now realised about €1.1 billion from the investment.
EQT created Symrise in 2002, buying Haarmann and Reimer from chemicals and pharmaceuticals group Bayer and subsequent merging it with Dragoco, a privately owned competitor, in a deal worth €1.7 billion ($2.3 billion). EQT was left with a 51 percent stake in the combined business.
Symrise has now developed into the fourth largest producer of flavours and fragrances worldwide.
Both EQT and Symrise were unavailable for comment.