Caymus Equity Partners ("Caymus Equity") announces the successful sale of Phoenix Aromas & Essential Oils ("Phoenix" or the "Company") on December 1, 2021 to Tilley Company, a portfolio company of SK Capital Partners.
Headquartered in Norwood, New Jersey, Phoenix is an international value-added distributor, developer and manufacturer of aroma chemicals and essential oils to a highly diverse base of flavor and fragrance industry participants.
Caymus Equity invested in Phoenix in January 2010, and together with Gemini Investors, completed a majority recapitalization of the business. The co-founder and CEO, JP Benveniste, remained a significant equity holder in the Company. During Caymus Equity’s partnership with Mr. Benveniste and Phoenix, the Company transformed from a single-location domestic distributor of aroma chemicals into a multi-national, multi-location manufacturer and distributor of flavors and fragrances. “When I explored recapitalizing Phoenix Aromas, it quickly became clear that Caymus Equity was an ideal cultural fit. We had many discussions about the various opportunities available to Phoenix if we were to secure the right partner,” remarked Mr. Benveniste. “Through all the successes and challenges of Phoenix’s transformation, Caymus Equity has been a strong, supportive and value-added partner to both the Company and me.”
The transformation of the Company resulted in robust growth in sales and profitability, with Revenue and Adjusted EBITDA increasing 184% and 209%, respectively, during the investment period.
"We have a simple mission statement," said Ollie Maggard, Managing Partner at Caymus Equity, "To work in close collaboration with our management partners, identify and achieve strategic initiatives, that when executed, transform good businesses into great businesses. I'm excited to say that the sale of Phoenix is a demonstration of our ability to deliver on that mission."
Phoenix represents the sixth exit for Caymus Equity. “We are pleased to provide our limited partners with a meaningful return on their investment” remarked Geoff Faux, Managing Partner at Caymus Equity. “The confidence that our limited partners have placed in us has allowed us to build a successful portfolio of companies. We are excited about the sale of Phoenix and look forward to building on this success with our other portfolio companies.”
For more information about Caymus Equity’s sale of Phoenix Aromas, click here