Global law firm Ashurst is advising Treatt PLC on its £156.6 million offer from Natara Global Limited, a company controlled by funds managed by Exponent Private Equity LLP.
Pursuant to the agreed terms of the acquisition, which is expected to be implemented by way of a scheme of arrangement, Treatt shareholders will be entitled to receive 260 pence in cash per Treatt share.
Treatt is a United Kingdom-headquartered global, independent manufacturer and supplier of a diverse and sustainable portfolio of natural extracts and ingredients for the flavour, fragrance, and multinational consumer product industries, particularly in the beverage sector. Treatt was established in 1886, incorporated in 1981 and is listed on the London Stock Exchange. It has well established research and manufacturing plants in the UK and US, and the soon to be opened commercial and innovation facility in China will support its existing infrastructure and capabilities.
Natara is a global manufacturer of aroma ingredients products. Natara was formed by a corporate carve-out of the flavour specialty ingredients division of International Flavors and Fragrances, Inc in August 2023. Natara serves customers across Europe, Americas and Asia with dedicated manufacturing and distribution facilities in the UK, US and China, as well as additional distribution centres in Mexico, Brazil and Hong Kong.
Exponent was founded in 2004 by a long-established team of private equity professionals and today is a leading UK and European private equity firm, investing in companies with enterprise values of between €150 million and €500 million and focusing on first-time private equity ownership situations. Exponent is currently invested in Natara. Since acquiring Natara, Exponent has accelerated its growth through significant investment in its manufacturing capabilities, strengthening customer partnerships and backing a high-performing leadership team.
The Ashurst team is being led by partners Tom Mercer, Harry Thimont and Duncan Liddell together with senior associates Maria McAlister and Louise Johnson, along with counsel John Papadakis, senior associate Natasha Gromof and associates Gareth Mair, Sylvia Lloyd-Morris, Victoria Kirk and Brihadeesh Murali. Partner Ruth Buchanan, counsel John Gordon and senior associate Hannah Martin are advising on employment and pension aspects, and partner Lynn Dunne, senior associate Paul Ryan-Brown and associate Isabella Jackson-Martin are assisting with advice on the scheme of arrangement process.
Ashurst is working closely alongside the in-house legal team at Treatt, led by General Counsel and Company Secretary, Nick Hartigan.
