Axxence Group

capiton acquires majority stake in Axxence Group

The management team of the Axxence Group acquires in a MBO along with capiton the leading natural aroma chemicals manufacturer from its founder, Joost van Neck.
Axxence Group, headquartered in Emmerich, Germany, is a leading manufacturer and supplier of natural aroma chemicals (NACs) for the global flavour & fragrance („F&F“) industry. Today, Axxence employs around 120 FTEs and produces over 260 NACs, which are sold in over 35 countries to more than 240 customers including the world’s largest F&F companies (Givaudan, Firmenich, IFF, etc.).
Joost van Neck founded Axxence in 1986. He started the business with a pure trading entity and, through the years, developed it very successfully into a full scope manufacturer of natural aroma chemicals. Today, Axxence produces a wide range of natural ingredients for flavour and fragrance compounds which are used in the food & beverage as well as in the cosmetic & personal care industries.
Axxence operates two manufacturing plants in Slovakia. The sales and logistic functions are based in the headquarter in Emmerich. The group has a clear USP in its ability to produce innovative and highly complex NACs, while ensuring complete traceability across the supply chain, product quality, and fast delivery.
As part of Joost van Neck’s succession planning, Axxence’s long standing and highly experienced management team, along with capiton, has acquired the group with the conviction to continue the growth story its founder has started 35 years ago.
Joost van Neck, founder of Axxence commented: „Axxence and its management look forward to the new opportunities and synergies which will arise from the future collaboration with capiton and its partners“.
Roumyana Schnettler, partner at capiton added: „We are glad to have won the confidence of Axxence founder, Joost van Neck and his experienced management team. capiton seeks to continue the legacy of the founder through investments in new technology, expansion in capacity as well as buy and build“.

Transaction summary

Financing of the transaction is provided by capiton’s current investment vehicle, capiton VI and a co-investment vehicle managed by capiton. Additional funds have been reserved to finance both organic and inorganic growth initiatives.
Sellers and buyers have agreed not to disclose the financial terms of the transaction.
capiton was advised by Deloitte (Financial and Tax), Clifford Chance und Lupp & Partner (Legal), EY (Structure), Roland Berger (Commercial), Androschin & Partner (Operational), Herter & Co. (Debt Advisory), Ashurst (Finance Legal), Willis Towers Watson (Insurance), ERM (Environmental) and Tauw (ESG).
Axxence was advised by RSM (Dr Karsten Ley – Transaction Advice and German Tax; Christian Weyers – Finance), Heuking Kühn Lüer Wojtek (Dr Martin Imhof and Sebastian Pollmeier – Corporate / M&A; Guido Hoffmann – Finance); Moore/mth (Pieter Steltenpool – Dutch Tax).

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