Tilley and Phoenix partnership creates global distributor of value-added ingredients in regulated markets

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Norwood-based Phoenix Aromas and Essential Oils, a leading global distributor of flavor and fragrance ingredients and compounds serving the food and beverage, personal care, pharmaceutical, air care and fragrance markets, has merged with Baltimore-based Tilley Co., a leading U.S. based distributor and value-added service provider of specialty ingredients and a portfolio company of SK Capital Partners.

The combination of Tilley and Phoenix creates a supplier of high-quality ingredients to better serve new and existing customers with state-of-the-art laboratories, an experienced regulatory and technical support team, and a global sales and customer service staff.

Since its founding in 1994, Phoenix’s mission has been to act as a value-added distributor of exceptional ingredients, working directly with growers and producers around the world to source sustainable ingredients while providing a high degree of regulatory, technical and supply chain security and support to both customers and suppliers.

The combined entity greatly enhances Tilley’s existing product portfolio of value-added ingredients for applications in regulated markets. As experts in flavor and fragrance ingredients, Phoenix offers global market expertise, regulatory support and just-in-time inventory, supported by a global network of sales offices and warehouses.

“The merger of Tilley and Phoenix brings together two dynamic and talented teams; both companies share complementary core values and strategic vision and are fully committed to maintaining the very highest levels of quality, safety and customer service,” said Jean-Paul Benveniste, CEO and president of the new organization.

Tilley-Phoenix Group, led by existing management, represents one of the largest and most well-diversified suppliers of flavor, fragrance and food ingredients in North America, enhancing the value presented to both suppliers and customers.

“Phoenix brings a high level of expertise to the flavor and fragrance markets by employing highly technical laboratory services and rigorous quality control measures. These high-touch services, when combined with reliable supply chain planning and strong supplier relationships, make the combined company a best-in-class source for specialty ingredients,” said Sean Tilley, president and chief operating officer.

“Looking forward, Tilley-Phoenix Group plans to continue its pursuit of selective M&A focused largely on specialty products sold into regulated markets. We continue to focus on expanding the value-added platform, seeking targeted opportunities to enhance the value, quality, and breadth of solutions we bring to both customers and suppliers,” added Randy Dearth, senior director at SK Capital.

Kirkland & Ellis LLP acted as legal counsel to Tilley Co. and committed debt financing was led by Madison Capital Funding LLC.