M&A
Belgian speciality chemicals supplier Azelis acqui-hires Ashapura Aromas
Belgium-based Azelis, a global innovation service provider in the specialty chemicals and food ingredients industry, is to acquire a majority stake in Mumbai-based Ashapura Aromas Pvt Ltd, a distributor of ingredients in the flavors & fragrances (F&F) market in India. Ashapura's 100 plus employees will join Azelis, along with founders and owners Ajaykiran and Nayan Gudka, who will lead the business post-integration. Lincoln International, Quillon Partners and Cedge Ventures Pvt Ltd acted as investment, legal, financial, and tax advisors for Ashapura and its promoters in this transaction. Trilegal and KPMG acted as legal, financial, and tax advisors for Azelis. Founded in 2003, Ashapura represents more than 225 principals with well-established partnerships, serving over 900 customers globally through its portfolio of products.
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